Long-time Glenburn business gets MAGIC Fund support as it comes under new ownership

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A long-time Glenburn business is getting money from Minot’s MAGIC Fund, making it the first business to be funded in quite some time.

Stevens Welding and Machine is receiving more than $120,000 in an interest buydown.

This will allow the metal fabrication company to get enough capital to sustain the business and create more jobs.

Established in 1946, the company is only now returning to local hands after a Canadian company bought it in 2008.

The new owner, Steven Farden of Farden Construction changed the name from DoAll Industries USA, LTD back to its original name, Stevens Welding.

Long-time employee and general manager, Josh Martin, says the employees are excited about the new ownership and the financial support from the MAGIC Fund.

“New ownership’s been great,” Martin said adding strong local ownership like Farden Construction “opens up so many more opportunities.”

The interest buydown helps the business receive low-interest capital through the Bank of North Dakota from the state’s PACE Program.

The PACE program is to help communities expand their economic base by assisting primary sector businesses.

Starting as a small blacksmith shop in 1946, the company has expanded four different times.

Today, it is an important local business providing hydraulic, repair, welding and fabricating services for oil rigs, construction and ag firms.

With over 100 years of combined employee experience, the prospects seem bright for Stevens Welding and Machines and that’s why the MAGIC Fund chose to lend a helping hand.

MAGIC Fund Manager, John MacMartin says the city’s utmost interest is the jobs that will be saved.

“Those dollars are going to allow the seven jobs to remain in Glenburn and there will be a possibility of additional jobs. It’s important to note that it’s because it’s a long-time business and we’re helping to save those jobs that this one makes sense,” said MacMartin.

With this kind of support, Stevens Welding could get a capital injection of up to $3 million to grow its business under new ownership.

Minot’s MAGIC Fund is still on the lookout for eligible businesses to apply for funding.

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