Applied Engineering Approved for REDI Fund loan, South Dakota Jobs grant
Tuesday, March 14, 2017
YANKTON, S.D. – Applied Engineering, a precision machining company in Yankton, S.D., was approved today for funding assistance through the Governor’s Office of Economic Development (GOED). The Board of Economic Development (BED) approved a South Dakota Jobs Grant and REDI (Revolving Economic Development & Initiative) Fund loan to help with the acquisition of new equipment, including a CNC (computer numeric control) machining system, ensuring the company remains a top supplier of machined metal components.
“Applied Engineering’s parent company, Loar Group, could have made this investment in another facility outside South Dakota, but at the end of the day decided to reinvest in our state” said Gov. Dennis Daugaard. “The new machining equipment brings additional capabilities that will help Applied Engineering remain competitive in a very technical industry.”
Justin Schramm, general manager, Applied Engineering, admits doing business with companies in such technical fields means a quality product just isn’t enough—it needs a quick turnaround time, too.
“Our customers fall into many different markets. Commercial and military aerospace products are our primary emphasis, along with archery products,” Schramm said. “Lately our customers have strategized a reduction in their supply base by phasing out underperforming suppliers, awarding that business to top suppliers like Applied Engineering. The combination of a highly skilled workforce and the investment in technology gives us a competitive edge.”
John Kramer, president, Yankton Area Progressive Growth (YAPG), says the approval of the REDI Fund loan is more than an investment for the company, it’s an investment for the whole community, as well.
“Manufacturing is one of Yankton’s major industries, so I’m pleased to hear Applied Engineering has once again chosen to expand its capabilities here,” Kramer said. “Its presence in Yankton is a benefit to our community’s economy as well as South Dakota’s economy, and that’s something we can be proud of.”
For more information about Applied Engineering, please go to www.appliedeng.com