TROY — The city of Troy Loan Review Committee approved a request from Canyon Run Engineering Technologies on Thursday.
The business owners, Gary and Amy Ward, were present during the meeting.
The small business development loan was requested for $75,960 (not including closing fees) to help the business relocate to their new location at 1990 W. Stanfield Road. The terms include 3 percent interest and principal payments for 10 years. Collateral will be a mortgage on the business and lien on business assets and personal guarantees. The business currently is located at 1102 S. Market St.
The business is expanding and doubled its sales from $937,000 to $1.8 million in 2017. The business specializes in engineering design and build services for medical instrument and aerospace industries. The company will relocate to the building previously occupied by Legacy Medical Equipment.
The application stated the company is borrowing the money to update the building on Stanfield Road to serve the company’s needs. The company currently has 16 full-time employees and expects to hire five more in three years.
The Wards shared how their business operates and how it expects to continue to grow as larger company’s demand specialized parts to be designed and created in their respective industries. Gary Ward, president of the company, said the company owns the majority of its equipment.
The loan request will be presented to city council for review.