New food manufacturer gets $50K small business grant
A Richardson-based food manufacturer Quality Ingredients will soon have an incentive to relocate to Sherman thanks to the Sherman Economic Development Corp. The family-owned company is being given $50,000 through SEDCO's Small Business Development Grant.
The company plans to start off operations in Sherman with five employees and plans to increase this to eight within the next five years.
"This shows that we play host to a wide variety of businesses from the big to the small," SEDCO President Kent Sharp said. "We are just trying to get entrepreneurs to feel comfortable developing here."
Quality Ingredients was formed in 1992 and manufactures a liquid preservative that is used in the production of corn tortillas.
"It is a family-owned business that has been around for 20 years and they are coming from Richardson," Sharp said. "So, we found a building here and made it work."
The company plans to invest $111,800 in equipment and renovations to a facility at 4816 Frisco Rd. Sharp said the incentive will be a matching grant based on the investment made by the company and represents about 45 percent of the proposed investment.
The incentive will be given over the course of two years with two equal payments of $25,000. The grant will be forgiven if Quality Ingredients remains in Sherman for the two-year period.