Your mobile phone is more than a correspondence contraption. It enables you to stream unrecorded music from the web and…
Peter Loftin – All you wanted to know about him
Peter Loftin was born in North Carolina (NC) and raised by his parents – Robert G. Loftin and Maree Nelson Loftin. Mrs. Loftin used to be an elementary school teacher while Mr. Loftin had served US armed forces during Korean War. He had also served at US Government Social Security Administration. It was during his time at the aforementioned organization that Robert Loftin called for the negotiation of the union contract that benefited all the employees of Social Security Administration. So, as it can be seen, the seeds of social work and giving back to the greater community were sowed in Peter Loftin by the actions of his parents.
Breaking the monopoly of Bell Telephone
Before Loftin started his own telecommunications company Bell Telephone had maintained a stranglehold of sorts over the industry. However, with Business Telecommunications Inc. (BTI) Loftin was able to break that monopoly to a significant extent. The organization was founded at Raleigh in NC during 1983 and ever since it has gone from strength to strength. This also proves how successful he has been as an entrepreneur. The firm was able to expand successfully and become a force to reckon with in the telecommunications industry of the United States of America (USA).
The role played by BIT
When you come to think of it this is no mean feat indeed. BTI, founded by Peter Loftin, still happens to be the biggest providers of jobs among others in Raleigh. When you consider the economic situation that the USA finds itself in – well at least most people in the North American country do – this is an important contribution without any shadow of a doubt. In fact, it happens to be the largest employer among all private organizations in the area. Loftin has been named North Carolina Entrepreneur of the Year by Business North Carolina Magazine.
Honors and awards
Following are some of the awards that have been conferred so far on Loftin:
- BTI Center for the Performing Arts Patron
- North Carolina Entrepreneur of the year
- Raleigh Fire Marshal Honoree
- Duke Honoree Speaker
- American Red Cross Board of Governors
- National Historic Trust
- Miami Heat Family Foundation
In 1999, Loftin and BTI together were ranked at the seventh spot on a nationwide basis with regards to competitive local exchange carriers. This was done by an autonomous research group named New Paradigm Resources and it was estimated that at that time BTI was making yearly revenue in the region of 400 million dollars.
Achievements as a businessman
It was during his time at BTI that Peter Loftin was able to complete an issue of high-yield bond that was valued at 250 million dollars. He also sold BTI stocks worth 200 million dollars to a firm specializing in private equity. As far as North Carolina is concerned Loftin has played a major role as a businessman as well as community service provider. It was in 1997 that he made some generous contributions to BTI Center for the Performing Arts and to its credit this particular center remains the largest of its kind between Tampa and Washington D.C.