Seattle’s Tall Ship
Customer
She is sailing toward the sunset – where the sky and the sea meet. Mountains ahead and the city behind. No engine, no throttle, she doesn’t make a sound. The wind and the water do that. She is Seattle’s tall ship Bay Lady. In 2020, Noah Waldman had an epiphany while walking along Seattle’s waterfront: to bring a tall ship to the city he called home, and a sailing community along with it. Today, Waldman runs one of the most unique and memorable commercial sailing experiences off the coast of Seattle. With a length of 85 feet and her mast standing at 87 feet, Bay Lady holds the largest passenger capacity and the largest square footage of deck space for any commercial sailing operation on the West Coast.
Challenge
The son of a ship captain who turned to sailing at a young age, Waldman had lived much of his life on the water – from the Bahamas to the Great Lakes, all the way to Seattle. He had the experience, he had the drive, and he had the dream. All he needed was a ship to turn it into reality. Some friends and mentors suggested he look into private equity and reach out to investors. And although the meetings went well, none of them seemed to be a good fit. It was going nowhere. But what he did have was a beautiful ship in sight, for sale just down the California coast in San Francisco.
“We started this process in February and we wanted to be live for the summertime. We knew that was pretty tight, but KeyBank made it happen.” – Noah Waldman, Seattle’s Tall Ship
Solution
Waldman found the help he needed when he happened to be giving sailing lessons to a representative from the SBA district office who recommended he fill out a lender match request. A senior SBA relationship manager at KeyBank received his request and reached out to him. “KeyBank provides a wide variety of support to small business, including start-ups,” says the relationship manager. The KeyBank team quickly got to work helping Waldman through the SBA 7(a) loan process. “This program offers more flexible terms to small businesses and is a great option for a variety of needs, including a sailboat!” added a team member, “The best part about this loan is if a business owner has a need, there’s probably a solution for it within the SBA program.”
Results
Receiving financial guidance and much needed capital from KeyBank has been a gamechanger for Waldman. “I have gratitude toward KeyBank for making a dream come true.” Not only was he able to get the help he needed to purchase Bay Lady, but KeyBank also continues to play a pivotal role in all aspects of his business. “Through the KeyBank portal, we’re using a lot of different services. All of our credit cards are administered through KeyBank, all of our ACH and checking accounts security are handled. And it’s convenient to have it all under one umbrella,” comments Waldman. Today, Seattle’s Tall Ship is thriving, offering guests a sailing experience they will never forget.
To learn more, contact a local KeyBank Relationship Manager or visit key.com/sbalocations.
To learn more about Seattle’s Tall Ship, visit seattlesailingship.com.