HANCOCK COUNTY — They make signs for facilities you visit and pass by regularly, and now they make them right in Hancock County.
Awning Innovations, formerly based in Fishers, has re-purposed and moved into a building near McCordsville and Fortville with the help of a federal agency and Indiana lending institutions.
The manufacturer of signs, channel letters, LED displays and awnings has customers across the country and also operates facilities in Charlotte, North Carolina, a news release states.
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The company bought and renovated the 123,000-square foot building at 7795 N. County Road 200W, formerly D&D Brake Sales. The building is across State Road 234 from the Mt. Vernon schools complex.
Frank Green, who co-founded Awning Innovations in 1999, said in the release that the company manufactures signs from scratch on a wholesale basis before selling them to retail sign companies across the country.
“The new building gives us a better floor plan with lower operating costs,” Green said.
Awning Innovations has made signs for Panera Bread, CVS, Indiana University Health, The Children’s Museum, Trader Joe’s and Whole Foods.
The company’s 110 employees will grow by about 15 jobs a year due to the expansion, according to the release.
Randy Sorrell, who took over as executive director of the Hancock Economic Development Council in January, told the Daily Reporter that he wasn’t sure how long the former D&D Brake Sales building had been vacant but knows that it had been awhile. Property records show the building was acquired by AI Properties Fortville LLC last October for $2.85 million.
Sorrell added it would have been unfortunate if the building had fallen into blight, especially being so close to Mt. Vernon schools.
“The fact that someone’s in there and utilizing the space is a good thing,” he said. “I’m saying that as much as a resident as I am an economic development person.”
Awning Innovations was able to make the move and renovations because of the U.S. Small Business Administration 504 loan program through Lake City Bank and the Indiana Statewide Certified Development Corporation. The program made required upgrades possible to the building’s lighting, electricity and data wiring, according to the release.
The Indiana Statewide Certified Development Corporation works with Indiana lenders to issue Small Business Administration 504 loans “to help owners of expanding or startup small businesses buy real estate, buildings and equipment,” according to the release. The loans “can give small-business owners long-term, fixed rate financing similar to commercial loan terms available for large companies.”
Greg Lentz of Warsaw-based Lake City Bank said in the release that the loan comes with advantages for Awning Innovations’ cash flow.
“The 10 percent down payment is half the 20 percent for a conventional loan down payment,” Lentz said. “The fixed interest rate on the (Small Business Administration) portion of the loan for up to 25 years is also better than conventional terms.”
Since 1983, the Indiana Statewide Certified Development Corporation has provided more than $530 million to 1,260 Indiana companies, according to the release. It’s also created or saved nearly 27,000 jobs.
