After 30+ years in industrial product development and global technology licensing, Vetted Tech, Inc. founder and owner Mike Mowins had no plans for an easy retirement. Instead, he set his sights on a lifelong goal: To build a business fully staffed by veterans today that would evolve into a veteran-owned cooperative for the long run.
Here’s how Mike used a loan from Pursuit to strengthen his Syracuse, NY-based technology business and position Vetted Tech for continued growth as it racks up awards, accolades, and contracts from a steady stream of industry leaders.
An early challenge deepens commitment
A graduate of the U.S. Naval Academy, Mike was partially disabled early in his career and was unable to continue active duty in the military. As he built a successful civilian career, he never forgot the courageous people who serve our country.
“My time in the service was limited,” Mike says, “but I’ve always been deeply aware of the commitment service members make. I resolved a long time ago that when I had the opportunity to give back, I’d find a way.”
In his previous work and through subsequent research and attendance at conferences, Mike learned about emerging technologies, including advanced additive manufacturing – a highly technical element of 3D printing.
“When people think of 3D printing, they think of plastics,” Mike explains, “but we’re working with high-tech printing materials like stainless steel, copper, and carbon-fiber reinforced nylon.” This enables Vetted Tech to create prototypes and other elements for corporate and military needs that are extremely demanding in terms of precision and quality. To launch the business in 2019, Vetted Tech was awarded grants and had received two SBA loans to cover equipment, space, and staffing, in addition to Mike’s own equity contribution.
“I did a lot of research to find the right long-term opportunity,” Mike says, “and I knew this would enable me to build something lasting for fellow veterans in my community.”
Leveraging new opportunities takes financial stability
Vetted Tech’s prestigious client list includes NASA, the U.S. Department of Energy, several branches of the U.S. military, Tesla, and SpaceX. In addition, the company has won several industry-specific awards for best-in-class quality, service, and delivery, including the prestigious Xometry Partner Manufacturing Excellence Award, the U.S. Secretary of Labor’s Hire Vets Platinum Medallion, and an SBA Veteran-Owned Business of the Year award.
Despite its remarkable record – and like many small businesses – Vetted Tech experienced occasional cash crunches due to regular business cycles. And for businesses that work with government agencies, cash flow is often a challenge because federal and state agencies have a long lag time between when contracts are secured or completed and when payments are made. This results in a need for additional working capital to cover those gaps.
“I knew the right loan would smooth out any cashflow challenges while also strengthening our position to bid on contracts and grow,” Mike explains. As with every aspect of his business, he spent time researching his options and reaching out to local experts.
“It’s important to make decisions that strengthen the business, including working with the right lender so that I can move forward with confidence,” Mike says. “I learned about Pursuit through Danielle Quintas at the Greater Syracuse Business Development Corporation and it turned out to be a great recommendation.” As a veteran, he qualified for Pursuit’s Veteran loan, which offers beneficial terms for service members and their families.
He also points out that his loan officer, Ethan Ruot, and the entire Pursuit team were knowledgeable and responsive. He adds, “Everything about my experience was great. Pursuit was super to work with and the loan process was quick and easy.”
Creating a legacy business for veterans with help from Pursuit
Mike says, “Pursuit came through when we were looking to grow our government projects and this loan bridged cashflow gaps, making it easier to achieve our goals.” Best of all, having additional working capital in-hand means that his team is secure in their roles and better positioned to successfully bid on projects.
Pursuit is a leading small business lender serving businesses across New York, New Jersey, Pennsylvania, Connecticut, Nevada, Illinois, and Washington. We offer loans and a line of credit for working capital, commercial real estate, equipment, and much more. We’ve helped thousands of small business owners get the funding they need to achieve their goals and dreams and we can help you, too.
Contact us today to learn more about ways we can help you.
