What is the secret of success? When it comes to commercial and industrial business, one man says he's found the answer: the Armament Retooling and Manufacturing Support Loan Guarantee Program, also known as ARMS.
March 1, a warehouse in Northwest Gulfport became the new home of Coastal Precision Machining, a division of Coastal Marine Equipment. When the business opened 13 years ago, it only had two employees, Scott Chauvin and his wife, who saw a great need on the coast.
"Simply put, all boats need a way to moor to a dock or to anchor. We make anchor wenches, we make mooring wenches," Scott Chauvin said.
The business was originally based at the coastal Diamondhead Boatyard, but the business grew quickly and Scott knew it was time to expand. That's when he turned to the U.S. government for help through the ARMS program.
It's an army assistant program that offers commercial and industrial businesses the opportunity to establish business centers at eligible Army production facilities.
"The arms program was a combination of the Mississippi government and the federal government. The army taking ammunition plants and creating incentives to move to them, basically creating industrial parks," Chauvin said.
Scott took advantage of this loan guarantee program, and it's paid off big time over the years.
"They enabled us to grow at such a quick rate, we didn't have to outlay a lot of capital to get going in a hurry. It allowed us to really jump up in size significantly in a very short period of time."
Scott's company now provides jobs for more than 20 people and sells products domestically and overseas. But it's not enough for Scott to enjoy his thriving business. He wants to share the secret of his success with other South Mississippians, so they can prosper like he has.
Click here for more information on the ARMS Loan Guarantee Program.