We are proud to announce that The 504 Company clients Ethan Wendle and Matthew Chverchko of Diamondback Automotive Accessories have received the Small Business Person of the Year award from U.S. Small Business Administration, winning the honor in both the Pittsburgh district and the State of Pennsylvania.
The duo was nominated by Ryan Lockhart, vice president for The 504 Company. In its search for financing to build a new facility, DiamondBack was introduced to the SBA 504 loan program through The 504 Company and was provided nearly $1.5 million in SBA 504 funding to purchase the land and construct a new facility.
Matt and Ethan started their company in a dorm room while students at Penn State. Today, DiamondBack’s success radiates throughout the Philipsburg community, bringing in money from outside the area to truly invest in the small, central Pennsylvania town. The company has capitalized on the manufacturing skills available in the local workforce, bringing more than 55 living wage jobs to the Philipsburg area, which struggles with a median family income that is 24% lower than Pennsylvania’s average.
“Wendle and Chverchko saw themselves as the solution for pickup truck drivers around the world,” said SBA Western Pennsylvania District Director Dr. Kelly Hunt. “It’s incredible that a classroom project led to a viable company using SBA’s job-creation 504 loan program to help grow rural Philipsburg with quality employment opportunities.” Learn more and read the full SBA press release here.