Providing Machining Service
Hygrade Precision Technologies is a precision grinding, lapping and CNC (computer numerical control) machining specialist firm focusing on the aerospace and defense supply chains. Hygrade Precision Technologies provides a wide range of custom machining services with accuracy and quality, from a complete part or just one finished feature.
Revenue Growth 2022
Following Family Steps
Pedro Soto was inspired to acquire Hygrade Precision Technologies because he had previous experience in aerospace running Space-Craft Manufacturing, his father’s aerospace company. He claims: “I wanted to find a company with a specialty process with few competitors.” Pedro built strong relationships in the aerospace, defense, medical and commercial supply chains during that time to develop his business sometime after. The company was founded in 1962 and Pedro was inspired to purchase the company in 2019. Hygrade now has 30 employees at its 40,000-square-foot facility.
Finding Funds Resources
Pedro sought help from CTSBDC in finding alternative lending sources. CTSBDC Business Advisor Denise Whitford provided Pedro with useful information regarding the New England Trade Adjustment Assistance Center Grant Funding and short-term financing from the Community Economic Development Fund. Denise explains “He originally came to the SBDC for help navigating the EIDL and PPP programs, when the entire world was in the throes of Covid 19, which was a few short months after he purchased the business.” Denise also says that his focus on stabilizing his operations and keeping his team moving forward is what struck her most. The CTSBDC Advisor was able to secure multiple emergency financing in the form of loans and grants totaling more than $720,000.
Human Resources Needed
Hiring, training, and retaining employees was also on the radar and Denise responded with an intro to Capital Workforce Partners for additional funding and staffing support. “At one point we also discussed the STEP Grant program, which he took advantage of to get to trade shows in 2022.”, adds Denise.
Hygrade Precision Technology, LLC has recently achieved a significant milestone in its operations. As per the latest reports, the company has recorded a remarkable growth in sales of %5,86 domestically, which is a clear indication of its commitment to excellence and customer satisfaction. Another milestone is the company’s expansion to markets outside the United States. Hygrade has started exporting its products to Canada, which has resulted in an impressive yield of $36,000 in 2022, one of the best increases since acquiring the business in 2019. All should be proud of.
Shoulder to Shoulder with the CTSBDC
Pedro remarks that what he learnt working with CTSBDC side by side is that small businesses owners must ask for help when it’s needed. He also says that: “Having an independent advocate can help solve tough challenges.”
“It’s free help that has access to a lot of information. They quickly work to be an advocate for your interests and needs”, he highlights.
Denise Whitford adds, “It's been an exciting and rewarding journey collaborating with Pedro – he and his team have made Hygrade an industry leader. Their attention to detail made our work together easier since he was focused on increasing efficiencies, production, and throughput for his customers.”