Governor Heineman Announces $605,000 for Minden Business Expansion
(Lincoln, Neb.) Governor Dave Heineman has awarded $605,000 in Community Development Block Grant (CDBG) funding to the city of Minden to assist with the expansion of Royal Engineered Composites, Inc. The expansion is expected to create 30 full-time jobs.
“Royal Engineered Composites has been a strong presence in Minden, providing key manufacturing jobs and top shelf custom products for our nation’s commercial and military transportation industries,” said Gov. Heineman. “We’re pleased to support the continued success of this great corporate citizen and provide good manufacturing careers for hard-working Nebraskans.”
Under an agreement with the city of Minden, South Central Economic Development District, a non-profit development organization, will lend Royal Engineered Composites $600,000 to purchase equipment and apply toward working capital. The remaining $5,000 will go toward project-related administrative costs. Additional loan funding of approximately $2 million from an area bank will complete the project.
The company anticipates nearly doubled sales from 2014 to 2018 due to the recent receipt of larger contracts from major aircraft companies with which it conducts business.
Royal Engineered Composites is a 65-year strong Nebraska manufacturer of lightweight composite components for commercial and military helicopters and aircraft. Its custom manufactured products include composite access doors, ductwork, cowlings, thrust reverser panels and radar domes. Phillip and Nancy Gill are in the process of selling Royal Engineered Composites to the employees. In June 2014, David Arnold, Vice President of Operations took the helm as President.
The Nebraska Department of Economic Development administers the state’s CDBG program. U.S. Department of Housing and Urban Development provides funds to Nebraska for the CDBG program, which assists with the development of businesses and communities throughout the state.