Earlier this year, we applied and got accepted in an Industrial Growth Initiative Program that guides small industrial businesses in their next stage of growth. From these series of workshops, each of the participants were tasked to develop a comprehensive business expansion strategy. The New York City Economic Development Corporation (NYCEDC) in partnership with Next Street Financial gave the top 3 business plans cash to implement their expansion. And we were granted one of these prizes.
We are using the grant to expand our business in two ways:
1. Workforce - In collaboration with two local non-profit groups, we are creating a woodworking training program for interns. We currently have one intern in-training and plan to have 6 interns in the near future. This program will allow them to have the necessary skills when we hire them on full-time during expansion.
2. Machinery - The two machines we are looking into purchasing are a clamping machine and a computerized drilling machine. Not only are these machines very easy and safe to use, but it will increase our production in these specific tasks by 300%. By streamlining our production process, we're able to offer our products at a lower price point and widen our customer base.
We are extremely thankful not only for the cash awarded to us but also for the experience we've gained through the workshops and the friends we've made.