Supporting Companies’ Growth – Celebrating Success
May 13, 2020 | Bylgnelson| News
Our work often consists of many small connections to help a company. It’s usually long-term, behind the scenes and without a lot of fanfare.
Advances in technology are making it easier for us to tell our story, allowing us to track all the steps we help companies take toward success.
One example is eight-year old mechanical engineering services firm, Red E. The firm specializes in aftermarket air seeding and planter solutions. Their services include product design, manufacturing support, reverse engineering, 3D printing, prototyping, component and part sourcing, and advanced engineering.
And while they deserve the credit for their success, we are proud to have worked with the promising regional company investing in its future.
The EDC spent several months working closely with Red E founders Jesse and Matt Faul to navigate and qualify for a number of state and local resources that have allowed them to pump capital back into the company to expand their engineering team and hire additional support staff. Red E expects to hire ten new positions over the next few years.
After years of business development efforts, Red E’s brand and services are gaining traction across the U.S. and an expanding international market. As sales continue to grow, Red E is moving into new production and office space this month that will almost quadruple their previous operations.
Our work with Red E included helping them become primary-sector certified. That certification allowed them to access additional incentives like a local property tax exemption and a North Dakota New Jobs grant (for adding new positions). They also qualified for the Bank of North Dakota’s PACE program, low interest financing they accessed through the EDC-managed Growth Initiative Fund. With the loan, Red E purchased and updated their new building.