On-Point Defense Technologies, located in Fort Walton Beach, Florida, was founded in 2012 as a veteran-owned small business. With around 15 employees, the company supports the Department of Defense and defense companies by designing, developing, integrating, and testing commercial and defense products.
The On-Point Defense Technologies senior management team was looking to expand their operation in Okaloosa County to meet an increased demand for products. The company needed close to one hundred and eighty thousand dollars to accomplish this goal, but only had roughly half of the working capital. On-Point Defense Technologies looked to manufacturing-friendly banks, angel investors, venture capitalists, and potential manufacturing research to provide funding for the growth project.
The management team reached out to FloridaMakes, part of the MEP National Network™, for assistance in applying for grants. FloridaMakes business advisors helped On-Point Defense Technologies apply for an Industry Recruitment Retention Expansion Grant from the University of West Florida (UWF). The grant was for $85,950, and was made possible through a strong partnership with the Northwest Florida Manufacturers Council (NWFMC), FloridaMakes Business Advisors, and UWF. Additionally, the UWF - Haas Center for Business Research & Economic Development agreed to perform research for the On-Point Defense senior management team to facilitate potential strategic decisions. The expansion project will greatly impact sales and help On-Point Defense Technologies both add and retain jobs.
- Sales impact: $7,000,000
- Cost-savings: $85,950
- Jobs impact: 27
Could your company benefit from assistance with applying for grants? Contact your local MEP Center for more information.