Assistant associate administrator, Rep. Rick Larsen and Calvin Goings, of the SBA recently toured two Arlington manufacturing companies to check the progress made by the organizations after receiving SBA loans.
Tony Cooper now owns Mackenzie Castings, LLC and Cooper actually received $1.1 million from SBA in 2006 so as to acquire the company from its former owner. Cooper seamlessly found the Small Business loan as the check was handed over in just three weeks time. Cooper says that his business employs 30 people and six of them were hired last year. Mackenzie Castings also does a lot of exports as it receives orders from Europe, China, Africa, Iceland other than US.
Larsen and Goings also visited ABW Technologies’ that deals in nuclear and aerospace contracts. ABW employs 150 people, out of which 30 got jobs as a result of $8 million contract that ended just recently. The company also received $800,000 SBA loan to purchase its current Arlington property. Since then ABW Technologies’ revenue also tripled according to its vice president Mike Kingsley. The company receives contracts in the range of $20,000 to $13 million and that has kept it financially healthy.
SBA administrators may also pay visit to more companies to judge their financial health after receiving SBA loans. Such visits reveal the advantages that SBA loans shower on companies. Administrators also understand where the SBA needs to improve upon. It also opens scope for companies to find more loan grants if required.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org