Business digest (July 2)
Reliable Vacuums takes green plans national
The Reliable Vacuum Store of West Fargo will be a contender in a small-business competition sponsored by Wells Fargo.
Reliable Vacuum qualified as a national contender in the $25,000 Wells Fargo Works Project for small business last week.
“We are much more than a place to buy or fix a vacuum,” owner John McTighe said in a release. “Although we are a small store, we are tackling a large problem, namely, the huge amount of consumer waste that is generated by throwing out old vacuums. Our store is a place the public can go to if they have a vacuum they would normally throw out or leave on the curb for Cleanup Week.”
McTighe said his company’s program follows the guidelines to reuse, recycle and repurpose.
“It is a unique idea that is a win-win for everyone,” he said.
McTighe said he would invest the $25,000 prize money in recycling equipment, expanding the company’s earth-friendly media campaign and to help start up other vacuum recycling locations in the area.
Contestants for the national contest were screened based on several factors and are listed on the Wells Fargo Works Project Web page. Part of the contest selection process involves votes from the general public. Final selections for the grand prize will be Sept. 8.
DCR Inc. expanding with new building
DCR Inc. of West Fargo plans to construct a new 12,000-square-foot building that will allow the company to increase its production of sand heaters, dryers and small portable asphalt plants.
The cost of the project is estimated at $680,000.
The new building will be at 611 5th St. NW. The company now rents about 5,000 square feet of space at 714 12th Ave. NW.
Joel Dahl, the owner of DCR, is the company’s only full-time employee and typically hires two part-time employees in the fall.
With the new project, Dahl expects to add up to three full-time employees over the next two years.
The project is receiving funding from the Growth Initiative Fund of the Greater Fargo-Moorhead Economic Development Corp., which has approved a loan of about $44,000, with no interest or payments for 10 years.
After that, the loan will be repaid at 1 percent interest. The loan will trigger a matching interest rate buy-down grant from the Bank of North Dakota of up to $83,000.
The Growth Initiative Fund loan and matching buy-down funds are intended to offset the interest expense of a $340,000 Flex PACE loan the company has through the Bank of North Dakota and its private lender.
Matthew De Vries earns recognition
Matthew De Vries of the financial services firm Edward Jones in West Fargo recently won the firm’s Jim McKenzie Award for his exceptional achievement in building client relationships.
The award is named after Jim McKenzie, who, following in his father’s footsteps, joined Edward Jones in 1962 and opened a branch in Kearney, Neb.
Edward Jones, a Fortune 500 company, provides financial services for individual investors in the United States and through its affiliate in Canada.