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Industrial building in Whitestown is new, larger home for WYN Industries, with SBA 504 financing from First Internet Bank and Indiana Statewide CDC
WYN Industries Inc, a family owned, 40-year-old manufacturing company, is moving from northwest Indianapolis into a larger building in Whitestown, effective this Monday, December 3.

WYN Industries manufactures, fabricates and installs fiberglass coatings and structural products for corrosive environments in the industrial market. The majority of WYN's products are used in water treatment and wastewater facilities in Indiana. WYN's fiberglass coatings protect against corrosion on metal surfaces such as stairs, rails and floors. WYN also manufactures fiberglass rails, platforms and similar products for factory settings.

Owner Jake Hogue says WYN's new 8,000 square-foot office and manufacturing facility (at 6210 South Indianapolis Road in Whitestown) will enable it to fulfill more orders for existing and new customers. WYN's new plant is more than six times larger than the 1,300 square-foot facility it is leaving near 86th & Michigan Road. "We've needed more room for a long time," Hogue says. He says WYN will increase employment from its current total of four people to as many as 20 in the next few years.

A small-business expansion loan from First Internet Bank and Indiana Statewide Certified Development Corporation is helping WYN Industries buy the building. First Internet and Statewide CDC are using the US Small Business Administration 504 loan program to provide the loan.

Indiana Statewide CDC works with local Indiana lenders to issue SBA 504 loans to help owners of expanding or startup small businesses buy real estate, buildings and equipment. By using SBA 504 loans, small companies gain favorable financing terms similar to those available to large companies in conventional loans.

Hogue says, "We are a small family business the SBA 504 loan program helped protect cash flow by allowing a lower down payment." Hogue's grandfather and another business partner started the company in 1978.

First Internet Bank's Chuck Fippen says, "WYN is a great business poised for growth in the next generation of ownership. A new building provides the space for production and jobs that will elevate WYN and its status in the industry. WYN's customers both present and in the future will be able to work with a much larger, more nimble operation. Jake Hogue has worked very hard to find a space and location that gives the company a competitive advantage for many years to come."

Posted on WYN's website, "WYN = Whatever You Need."

Background:

Indiana Statewide CDC has provided more than $520 million to 1,240 Indiana companies since 1983, creating or saving 26,595 jobs, and is the most prolific CDC in Indiana. Nationally, since Congress created the 504 program, SBA 504 loans have funded over $67 billion to more than 135,000 small businesses in the US. In turn, those small firms have created or retained over 2.1 million jobs.

First Internet Bank of Indiana (www.firstib.com) was founded in 1999 as the first FDIC-insured banking institution serving its client entirely online. First Internet Bank delivers full banking and financial services to clients across the nation. First Internet's home is in Central Indiana.

WYN Industries Inc (www.wynindustries.com) is a leading producer and distributor of industrial fiberglass products and services in the Midwest. WYN offers full-service solutions through design, drafting and fabrication of FRP systems.

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