|MANUFACTURING BUSINESSES INVITED TO THE WHITE HOUSE|
|Topeka, Kan., Feb 24, 2012
@@The U.S. Department of Agriculture honored 71 manufacturing businesses at a White House event last Friday to recognize the success of manufacturing in rural America. The event at the White House Eisenhower Executive Office Building also included representatives of financial institutions that have provided capital and support for these businesses.
“The manufacturing sector plays an important part in the nation’s economy,” USDA Rural Development Under Secretary Dallas Tonsager said. “These companies demonstrate that U.S. manufacturing – through innovation, dedication and tireless hard work – will continue to create jobs that keep Americans working and our rural communities thriving.”
The businesses honored last Friday have been supported by USDA Rural Development’s Business & Industry Guaranteed Loan Program, which helps provide capital and technical assistance to create jobs and spur economic development. USDA has several other programs that aid businesses, promote job growth and foster regional economic partnerships.
Ferguson Production Inc., based in McPherson, Kan., was one of the 71 companies honored. The business serves regional Original Equipment Manufacturers. The company manufactures injection molded components that serve the following industries: outing products, small appliance, agriculture, lawn care and automotive.
“At Ferguson Production we believe that you take care of the customer no matter what and you work hard,” stated Scott Ferguson, President of Ferguson Production. “For 37 years we have reinvested back into the business, and I think that is one of the reasons we are successful today.”
In 1974, Norlan Ferguson started Ferguson Production Inc., in Eureka with one plastic injection molding machine. The company moved to McPherson in 1992, where it resides today in a state of the art 66,000 square-foot facility. Currently the company has 34 plastic injection molding machines and employs 160 individuals.
Ferguson Production Inc., has worked with USDA Rural Development over the past decade to expand the business by utilizing the Agency’s Business & Industry Guaranteed Loan Program. The USDA Rural Development loan guarantee allowed the business to work with People’s Bank and Trust in McPherson to finance operating capital, equipment purchases and facility updates.
“When it came time to look for financing there were no questions, USDA Rural Development had been assisting us for several years and we wanted to continue that relationship,” stated Ferguson. “I would certainly recommend to other business owners looking for financing to utilize the USDA Rural Development Business & Industry Guaranteed Loan Program.”
USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure and facility programs through a national network of state and local offices. Rural Development has an active portfolio of more than $165 billion in affordable loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.