Nevada State Development Corporation partnered with Wells Fargo Bank to assist Foster Machining with an SBA 504 loan, allowing the machine shop to buy a new building at 5070 Sigstrom in Carson City.
Co-owner Scott Foster — who runs Foster Machining with his brother Timothy — said the company outgrew the 7,500 square-foot space it was renting, and turned to NSDC to buy a building that could more comfortably house its 20 employees and the shop and office space they needed.
“We own two businesses, so to go and buy a building while still keeping the businesses running was quite an undertaking,” said Foster. “It was a new process for us; we’d never bought a building before and were grateful for the support and help that NSDC provided.”
Foster Machining was able to move into a 29,500 square-foot building, more than triple the size of the facility they had been renting.
“Organization and shop morale have been the biggest improvements we’ve seen,” said Foster. “There’s a sense of accomplishment to have the better environment. Our employees are happier to walk in and know they have the space to work on the next project without having to move the last three. The added space is so much more convenient for all of us.”
It’s a benefit many small business owners see when they move into larger spaces.
“It’s difficult for owners, employees and their clients to function efficiently in a cramped space,” said Adrien Burney of NSDC. “We frequently hear from business owners that their companies really benefit from moving into larger facilities—from increased morale and productivity to improving client impressions. Furthermore, many of the business owners we work with find that their mortgage is cheaper than rent through the SBA 504 program. It’s a simple process, and a great investment for the business.”
About Foster Machining
Foster Machining is a family-owned and operated precision CNC shop founded in 1991. Three generations of Foster machinists work for the company, which specializes in design and CNC turning and mill production of aluminum, brass plastic and steel materials. For more information, visit www.fostermachining.com or call 775-246-0300.
About NSDC
Nevada State Development Corporation (NSDC) is a non-profit company that is the largest SBA 504 loan provider in Nevada with offices in Las Vegas and Reno. Established in 1981, NSDC has funded more than 1,650 loans with an estimated combined value of $745 million, creating more than 19,000 jobs. NSDC was named the Platinum SBA 504 Lender for the state of Nevada by the U.S. Small Business Administration (SBA). For further information, and to obtain on online application, business owners can visit www.nsdc.com.