Almost every day we can pick up a newspaper and read about some company outsourcing manufacturing jobs to a foreign country, allegedly because the price of manufacturing (labor costs, materials etc.) is cheaper there. Well, its refreshing to be able to announce that one manufacturer is not only staying right here but expanding its manufacturing on Long Island! Mark 10 Corporation is the second largest full line American manufacturer of force and torque measuring instruments and associated items used for testing strength of material, product integrity, and product performance verification. Its products are used in a wide variety of industries such as automotive, medical, pharmaceutical, food, and cosmetics. In business since 1979, not only is the company quadrupling its size right here on Long Island, it currently exports 30% of its sales to a worldwide market.
As any economist will tell you, communities need to have a manufacturing base. Everything else grows from that. And being able to export products is essential to a healthy economy. Mark 10 has been on Long Island since 1988, constantly growing and improving its products to meet the market needs. Its expansion on Long Island demonstrates that it is possible for a manufacturer to be successful, competitive and profitable here in the US.
Company owner, William Fridman, credits the SBA 504 loan program with enabling him to undergo this latest major expansion. "The SBA 504 loan program is making it possible for us to afford to buy a 12,000 foot building and move from our current 3200 feet space," says Fridman. "Under this program, Mark 10 was able to put down just 10% of total project cost including renovations and soft costs. Without SBA 504 we would not be able to undergo such a major expansion. As a manufacturer, we need to be competitive with companies throughout the globe. Programs like this help us to do just that."