EDM Wirecraft | Application Preview
EDM Wirecraft is applying for government grants to stabilize its operations following a slowdown in workflow over the holiday season. The funding will primarily be used for payroll expenses, ensuring employees can be paid while the business awaits an increase in work. Additionally, some funds will be allocated for purchasing necessary materials, as the company's resources have diminished.
The business owner plans to enhance efficiency and expedite job completion to boost both workflow and income. Future strategies include seeking bank financing for new machinery to handle more projects simultaneously and conducting business trips to attract new clients and enhance revenue.
With over thirty years in operation and eight years as an employee before ownership, the owner is committed to maintaining high-quality standards and serving the community. EDM Wirecraft's main competitors are local machine shops focused on similar services, but the presence of larger manufacturers like Toyota and TBIN provides ample opportunities for growth.
The company's competitive edge lies in its ability to tackle complex projects that require specialized skills, such as reverse engineering parts no longer available. The overarching goal is to grow the business, create more jobs, and ensure lasting quality work for future generations.
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General Information
Business Registration Number: 46-1065842
Location: Ft. Branch, IN, United States
Length of Operation: 11plus
Number of Employees: 1-10 Employees
Annual Gross Income: $250k to $500k
Annual Gross Expense: $100k to $250k
Open to Loans: NO
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Funding Usage
I intend to use the funding to help cover payroll expenses to keep the employees paid long enough for work flow to pick back up as it slowed dramatically lower than usual over the holidays. Some funding will also be used to purchase material needed to complete those jobs as we've run to low in our account to buy all the material needed and still have enough to pay the workers.
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Business Plan
My plan to grow my business focusses largely on increasing our efficiency and completing jobs at a faster rate to increase our work flow and income. I will also seek funding via banks to purchase new machinery once work flow picks back up to be able to work on more jobs at once and therefore increase the amount of jobs we can complete each month. Furthermore I'll be making business trips to local business to inquire about increasing our customer base and increase our yearly revenue. EDM Wirecraft has been in business for over thirty years, and I an employee for the last 8. I've recently bought this business in hopes of keeping it going and having something more in life to pass on to my sons once they're older. We've always stood by our work and strived to produce superior quality that we can take pride in. Offering advice and support to other machine shops in our area when we can and doing our best to be a productive successful business.
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Self Identified Competition
My top three competitors include local machine shops who also cover tool and die work. But thankfully with the presence of big manufacturing plants like Toyota and TBIN there is more than enough work to keep us all busy and growing. I focus on a different niche than a lot of my competitors, often taking on more difficult jobs that require special attention or extra time to complete. Such as reverse engineering a part, holding up production, from overseas that can no longer be purchased. We plan to grow our business, provide more jobs, and continue doing our best to produce quality work that'll keep us going for generations to come.
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Contact Applicant
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