A Fayetteville software company is accused of owing $4.6 million to its lenders.
Slipstream Creative Inc. was sued last month by Arvest Bank of Fayetteville for defaulting on loans that totaled $1.5 million, according to the lawsuit filed in Washington County Circuit Court.
Slipstream Creative operated out of a condo in the Legacy Building on West Watson Street in Fayetteville.
Arvest said that Slipstream Creative and its related entity, 401 W Watson Suite 201 LLC, borrowed $2.4 million in September 2020. The president of Slipstream, Julia Youngblood, also guaranteed the loans.
The suit by Arvest said that Slipstream failed to pay the monthly payments due in April and hasn’t paid since then.
Founded in 2008, Slipstream said on its Linkedin page that it “is dedicated to providing our customers with the most innovative software and digital technology in the automotive industry.”
As of Tuesday, Slipstream had not answered the lawsuit.
Arvest Bank is represented in the case by Jay B. Williams and D. Joel Kurtz of the Williams Law Firm in Gentry.
The lawsuit comes after Generations Bank of Rogers sued Slipstream and Youngblood in April. In October 2020, Slipstream borrowed $3 million from the bank. But Slipstream allegedly failed to make payments, and as of April 5, the principal sum of $2.9 million is owed plus $167,000 in interest and $900 in late charges for a total of $3.1 million.
Generations Bank is represented by Lindsey Emerson Raines of Friday Eldredge & Clark’s Rogers office.
In its answer, Slipstream and Youngblood asked that the case be dismissed. Slipstream and Youngblood are represented by Spencer Vereen and Bill Reynolds of Caddell Reynolds’ Fort Smith office.
Vereen didn’t return messages and the company couldn’t be reached.
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