An SBA 504 Loan through Lewis & Clark Development Group has helped a Minnesota-based manufacturer move to North Dakota.
PharmaMed Automation joins a long list of companies that expanded through the SBA 504 Loan and benefited from working with LCD Group.
Founded in 2012, PharmaMed designs and manufactures custom pharma-grade automation for processing and packaging of pharmaceuticals and medical devices. The company currently employs 22 professionals who serve clients ranging from small biotech startups to Fortune 500 pharmaceutical and medical companies.
Serving Clients Around the World from Fargo, North Dakota
“We have installations and connections all over the world. We needed a new facility with easy access to engineering talent and one in close proximity to a major airport. Fargo was the perfect fit for us,” says PharmaMed President Dustin Hanson.
PharmaMed enjoys a good relationship with NDSU’s engineering program. The company employs many of its graduates, including Hanson, who earned a bachelor’s degree in mechanical engineering from the university.
Years later, when a manufacturer left the market, Hanson and others were ready to step in to fill the void. Since then, PharmaMed has more than exceeded expectations thanks to its engineers and project managers who, in Hanson’s words, are powering the company’s growth.
PharmaMed’s growth led the company to look for a new facility. A sales pitch from Ryan Aasheim, chief development officer with the Greater Fargo Moorhead EDC, sold Hanson on opening a new facility across the river in North Dakota.
“Ryan provided us with a list of incentives from North Dakota. It was in reviewing the list that we were introduced to the SBA 504 Loan, which then connected us with Lewis and Clark Development Group,” says Hanson.
LCD Group Served as a ‘Knowledgeable Partner’
Ashley Hruby, LCD Group senior lending director, worked closely with Hanson and his team on securing the financing through the SBA 504 Loan program, which assisted PharmaMed in buying an existing facility, renovating the building, and purchasing new equipment.
“Whether it’s a butcher shop in a rural community or a small firm serving clients around the world, each small business has the same needs when they are expanding. The beauty of the SBA 504 Loan program is it helps meet these needs,” says Hruby.
Hanson said working with LCD Group was “fantastic” and singled out Hruby for praise. “Ashley was very responsive and was willing to walk alongside us through the whole process. There are several unique aspects to this program. It was great to have a knowledgeable partner like Lewis and Clark Development Group as part of the team.”