Lincoln, Nebraska, Feb 17, 2012 -- MetalQuest Unlimited Inc. of Hebron, Nebraska was recognized today at a White House and U.S. Department of Agriculture event recognizing manufacturing success in rural America. Scott Harms, owner of MetalQuest participated in the event at the White House. Also present was Pat Kenner, President of Thayer County Bank in Hebron, the lender for USDA Rural Development loan guarantees to MetalQuest.
MetalQuest Unlimited Inc. was selected with other manufacturers from around the country for successfully establishing and growing a business in a rural region. Hebron is a South Central Nebraska community with 1,565 rural residents. Founded in 1995, MetalQuest is a leader in manufacturing precision parts with a reputation at the top of its industry.
Kenner said, “From a taxpayer’s perspective, programs like the USDA Business and Industry Guaranteed Loan program are excellent channels for our Government to support small business financing in America. A guaranteed loan is excellent in that (1) it keeps the lender with skin in the game, (2) it leverages and protects the Government's interest in the project which ultimately lessens the cost to deliver economic stimulus for the economy, (3) it leverages our government’s staffing in the administration of programs through the use of privately funded independent community bank employees, and (4) it allows small rural banks such as ours to grow with our customer as their expansion needs require, which ultimately deters our system risk of too big to fail with small banks out-growing their local independent banks.”
Through USDA Rural Development’s Business and Industry Guaranteed Loan program, MetalQuest has accessed five loans from Thayer County Bank of Hebron, secured by Rural Development loan guarantees. MetalQuest is again expanding its business and Thayer County Bank is finalizing a new USDA Rural Development Guaranteed Business and Industry request. The loan will allow for building construction and working capital for a business expansion that will secure 54 jobs and will grow 12 jobs. MetalQuest has continued to grow and gain market share in the precision parts manufacturing sector.
MetalQuest Unlimited Inc. started by using a rented facility in Deshler, Nebraska. The business then moved to a Hebron facility where the expansion is occurring.