ODIN Hunting Products, Inc. Approved for MicroLOAN
Friday, July 17, 2015
SIOUX FALLS, S.D. – Sioux Falls-based ODIN Hunting Products, Inc., a two-time competitor in the Governor’s Giant Vision Competition, was recently approved for a MicroLOAN by the South Dakota Development Corporation (SDDC). The company manufacturers various hunting accessories, most notably, tree steps that assist hunters when climbing into their tree stands during deer season.
“ODIN Hunting Products has seen outstanding growth over the last couple of years,” said Commissioner Pat Costello, Governor’s Office of Economic Development (GOED). “It’s this kind of success that gets us excited about economic development, and it just goes to show how partnerships and hard work pays off for businesses—especially small businesses with big ideas.”
“Small businesses like ODIN Hunting are vital to our state’s economy,” said Robert Fouberg, SDDC chairman. “We provide working capital, equipment and real estate financing, tools with which many small businesses need some assistance. In addition, reasonable, fixed, long-term interest rates allow for greater operational flexibility and make more capital available to grow businesses and add jobs throughout South Dakota."
“Our company is going down a growth-path right now, and to partner with the GOED to foster that growth has been incredible,” said Tim Wakefield, president, ODIN Hunting. “The funding approved by the SDDC will be put towards our expansion into new hunting-related sectors, primarily consultant work with some big-name hunting retailers and building our inventory.”
This isn’t the first partnership between ODIN Hunting and the GOED. The company also utilized the GOED’s Proof of Concept Fund program and competed in the Governor’s Giant Vision Competition the past two years.
“The Proof of Concept program helped go us from an ‘idea’ to ‘retail-ready’ in six months. Through support and grants from the state, we were able to go to the Archery Trade Association Trade Show in Indianapolis, where we pitched our product to some big names in hunting retail. They loved our product, and that’s when we knew we had an opportunity to get into the consulting business as well.
“I’ve lived in multiple states, and the kind of support our company has seen from Gov. Daugaard and his staff doesn’t begin to compare to other places. I’ve never seen anything like it. He believes in South Dakota businesses and he understands the value of giving back,” Wakefield said.
For more information about ODIN Hunting Products, visit its website at www.odinhunting.com
The company’s climbing sticks were featured as the No. 2 product on the “10 Innovative Products Introduced at the 2015 ATA Show.” Click here to view the list: http://bit.ly/1K6WxUp
For more information about the GOED’s MicroLOAN program, the Proof of Concept Fund program and other financing and incentive programs, visit www.sdreadytowork.com/finance.