Island Refrigeration, LLC | Application Preview
Island Refrigeration, LLC is seeking government grants to support the growth and establishment of its business, which focuses on commercial and marine refrigeration. The funding will be allocated primarily to enhance working capital, ensure compliance with safety standards by upgrading facilities, and provide employee training. With plans to expand services to include residential heat pump system installation and repair, Island Refrigeration aims to meet the growing demand in its community.
In the next two years, the business intends to increase staffing, create a retail space adjacent to its shop, and potentially open a new location in Sitka. This expansion will also involve developing prototypes for marine refrigeration equipment, leading to a small manufacturing operation that will employ a full-time fabricator.
The long-term vision for Island Refrigeration is to become a well-established contracting and service business in Petersburg and Southeast Alaska, employing around ten people and providing essential services to the fishing industry. The owner emphasizes the importance of creating quality jobs and a productive work environment while addressing the needs of the local economy.
The business highlights the lack of competition in the area, as most other contractors either focus on residential services or are too busy to expand their reach. Island Refrigeration's competitive advantage lies in its specialized training in both refrigeration and electrical systems, setting it apart from other local providers. The plan includes future benefits for employees, which are not currently offered by competitors. This combination of demand for services, a commitment to quality, and investment in employee development positions Island Refrigeration as a promising candidate for funding.
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General Information
Business Registration Number: 87-2425508
Location: Petersburg, AK, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: $500k to $1M
Annual Gross Expense: $250k to $500k
Open to Loans: YES
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Funding Usage
This funding will be used for several purposes. Part will be added to the general funds to expand our working capital. We have had as much as $100000 revolving in purchases and unpaid invoices. Another portion will be used to update our shop and working areas to be up to code and safety standards. I also would use a portion of the funding towards training for my employees. The main purpose of this funding is to aid us in the startup and establishment of this expensive and complex trade based business.
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Business Plan
We are now focused on commercial and marine refrigeration. However, within the next year I will be expanding our services greatly to install and service household heat pump systems. We are rapidly being used more and more in the fleet for electrical troubleshooting and repair as well as electrical installs. I would like to establish this business to accommodate this demand. WIthin the next year also, I will be populating a retail area that is adjoined to our shop and hiring a retail and inventory manager. WIthin the next two years we aim to increase our staffing and training to expand the business and broaden our line of work. We have traveled to the surrounding communities and many people travel from the other islands for our services, so we plan to widen our service area and possibly open a shop in Sitka. We are building prototypes for common equipment and controls for marine freezing and chilling equipment which I plan to reproduce and market. So we will be establishing a small manufacturing base and hiring a full time fabricator. Within five years my aim is to be a well founded, long term contracting and service business in Petersburg and Southeast Alaska. I would like to have built a safe, efficient, and productive work environment. By that point I would like to be employing around 10 people that would range from fabricators, refrigeration technicians, marine controls technicians, sales and bookkeeping personnel. The goal is to create long term employment in our community and provide much needed trade related services to our commercial fishing based economy. This business is supplying much needed services to a critical part of the fishing industry. We feel that this would be a secure investment due to the high volume of work we have experienced so far. My goal is to provide good paying and dependable jobs for people in the community. Everything I am doing is aimed towards creating a legitimate and high quality business that is valued by our clients and by my employees. I feel that the need for our services, our aim for quality work, and taking care of our employees could qualify us as being worth investment.
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Self Identified Competition
For the most part, we do not have competition. There is one other HVAC contractor in Petersburg. They occasionally do marine type refrigeration work but mainly work on residential heat pumps and light commercial units. There are a few other marine refrigeration contractors in the region but they are hardly competition as this industry is so short on technicians as a whole. The refrigeration contractors in Sitka, Juneau and Ketchikan are very busy in their own communities that they don't have time to work elsewhere. Our one competitor in Petersburg, Apex, does not have electrically trained employees. Therefore, Island Refrigeration has been elected by most for all control related issues. I have been formally trained in refrigeration and industrial electricity at AVTEC trade school in Alaska. I have also employed another AVTEC graduate. I am offering training to my employees to further their certification. These are opportunities that our competition does not offer. I would like to be able to offer benefits like an insurance plan or similar in the future.
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Contact Applicant
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