Polymer Contours to utilize Enterprise Zone Loan program for equipment and growth
Allentown, Pennsylvania — The Allentown Economic Development Corporation (AEDC) announced today that it had provided a $47,900 loan to Polymer Contours Inc. through the Allentown Enterprise Zone Loan Revolving Loan Fund. Polymer Contours Inc. will use the loan to purchase new equipment that allows for the company to broaden its production capabilities. Additionally, the funds will be used to develop a marketing plan focused in capturing new customers in key industry sectors.
“The Enterprise Zone loan fund is another powerful tool in our economic development tool belt,” said AEDC Executive Director Scott Unger. “This program allows AEDC, City of Allentown, and the Commonwealth of Pennsylvania to help finance the growth of manufacturers in our community that will drive job creation.”
The Enterprise Zone Revolving Loan Fund currently falls under the guidelines of the Pennsylvania Keystone Communities Program of the Department of Community and Economic Development. It is designed to provide funding and technical assistance for disadvantaged industrial/manufacturing and business sites.
The Allentown Enterprise Zone was established in the mid-1990’s. Designated sites across the city’s Enterprise Zone are almost exclusively industrial and manufacturing sites. The revolving loan fund was created through an initial $268,000 grant from the state. Over the years, the fund grew through interest paid on loans provided to companies in the Enterprise Zone. Today, the overall loan pool exceeds $980,000 with more than $637,000 currently leant out in 11 loans across the city.
Polymer Contours is a plastic injection molding company located in the Bridgeworks Enterprise Center in south Allentown and participates in the business incubation program. Tyson Daniels, president, purchased the company from its original founder just 18 months ago and has been rapidly growing its capabilities and customer base.
“After personally funding the company, as well as reinvesting its current profits, it was time to take the next big leap forward,” explains Daniels. “The Enterprise Zone loan allows us to purchase a couple of key pieces of equipment in order to process a broader range of materials through our molding machines. We already have customers ready to sign new contracts with us once everything is in place and operational.”
The new equipment includes two plastic resin dryers that ensure there is no moisture present in the raw materials prior to entering the molding process. This improves the quality of the finished products, as well as allows Polymer Contours to use materials like polycarbonate, nylon, ABS, and PVC, that are more prone to absorbing moisture causing processing problems and product flaws.
Beyond equipment purchases, the remaining loan funds will be used to market Polymer Contours over the next several months.
“Tyson has been working closely with our advisers to craft a marketing plan that will allow him to accelerate the growth of the company,” said Anthony Durante, program manager for AEDC. “Over the next several months, our goal is to get that marketing message out to the world through the best channels so that it converts to sales for Polymer Contours.”
Polymer Contours specializes in helping companies to design products that fit their process rather than to fit their process around a generic off-the-shelf product. One example is a solder manufacturer that was using a generic spool in their packing process. The manufacturer dealt with several issues in trying to get the solder onto the spool and winding properly. Polymer Contours was able to evaluate the process, redesign the spool specifically for the manufacturer’s needs, and produce the spool a price that was competitive to what the manufacturer was paying for the off-the-shelf item.
“The client can now package their product with fewer quality issues and with improved throughput rates,” says Daniels. “That’s the advantage that Polymer Contours can provide its customers.”
About the Allentown Economic Development Corporation
AEDC is an independent nonprofit organization dedicated to a mission of identifying, encouraging, developing and managing strategic business opportunities for the benefit of Allentown, its citizens, and the Lehigh Valley. Its goal is to improve vacant and underutilized properties by assisting manufacturers, business owners and entrepreneurs in obtaining the resources and opportunities they require for success in the City of Allentown. AEDC offers access to financing and incentives, assistance with brownfield remediation, and support for growing businesses within the City.
Over the course of its 27-year existence, the Bridgeworks Enterprise Center, founded in the refurbished Mack Trucks Plant 4A in 1989, has helped launch more than 70 companies in Allentown that have created more than 300 jobs. It is a member of the Ben Franklin Business Incubator Network. Today, the Center is home to ColdEdge Technologies, The Colony Meadery, County Seat Spirits, HiJinx Brewing Company, JH Plastics, LightLab International Allentown, MTS Ventures, Polymer Contours, and Zzyzx Polymers.
For more information, please visit our website: http://allentownedc.com
About Polymer Contours
Polymer Contours Inc. is a full-service plastic injection molding company that specializes in working with customers to produce parts that fit the specific business requirements. By utilizing our consultative tooling design process, customers no longer have to settle for subcomponents that are currently available on the market but fall short on meeting user specifications. Polymer Contours also incorporates its proprietary no money down tooling program in order to allow qualifying companies to offset their upfront costs for mold construction and setup fees. This combination of targeted product design and unique tooling payment options allows our customers to focus on growing their brand while saving time, controlling costs, and increasing profitability.
For more information, please visit http://polymercontours.com.