Portwood Parts | Application Preview
Portwood Parts is applying for government grants to support its workforce by funding salaries for two new employees. The business aims to hire a regional sales associate to engage more effectively with coastal communities, where it currently generates approximately $150,000 in gross revenue but is limited by infrequent visits. Additionally, the company plans to employ a warehouse associate to improve order fulfillment, thus allowing for more time to build sales relationships and enhance revenue.
A key reason for funding approval is the unique role Portwood Parts plays in enabling repairs for heavy equipment with hard-to-find components, particularly beneficial for small businesses that struggle to meet minimum order requirements from larger suppliers. By sourcing these components both domestically and globally, Portwood assists customers in maintaining their operations without the high cost of new equipment. The company currently operates with two employees and requires funding to sustain this team and facilitate growth, as existing liquid capital is tied up in parts acquisition.
Portwood faces competition from companies like Centarr, which targets the marine industry, and Electrical Depot, an e-commerce platform for heavy equipment. However, Portwood's competitive edge lies in its ability to collaborate with various customers to identify collective needs, thus providing access to wholesale pricing that individual small businesses cannot achieve on their own. The company's specialization in sourcing rare and discontinued electrical components also allows clients to prolong the life of their heavy machinery, reinforcing its value proposition in the market.
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General Information
Business Registration Number: 85-3119755
Location: Portland, OR, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: $500k to $1M
Annual Gross Expense: $500k to $1M
Open to Loans: NO
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Funding Usage
To cover cost of employee salaries. I have applied for and requested multiple lines of credit and the interest rates are ridiculous/unattainable.
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Business Plan
The company sales and revenue need two additional employees. I would like to hire a regional sales associate to help sustain and grow the company’s customer base in the coastal communities. I currently generate approx $150,000 in gross revenue from that region, but can only visit it once a month due to business load in the Portland and Salem metro areas. I also plan to hire a warehouse associate to help fulfill orders. This will provide me more opportunity to develop sales contacts and grow revenue. One thing that’s unique about Portwood is that our components help sustain repairs to heavy equipment for parts that are very challenging to find, enabling farmers, boat repair facilities, fishing boats, and truckers to repair and operate their equipment without having to purchase brand new. Many of our customers who operate their own small businesses can’t access the repair parts they need due their company size and minimum purchase requirements. Portwood provides an avenue for these companies to access much needed and hard to find components. I scour the US and globe for components making them accessible to other small businesses. Many of these companies are too small to afford to hire their own ‘purchaser’ like larger corporations do, they rely on Portwood to source products and function as their purchaser researcher and wholesaler. I currently have two employees and I want to sustain them and add the two positions referenced above. However, my liquid capital needs to go to wholesale acquisition of parts - I’ve operated without a line of credit for over two years, this has made growth slow and challenging.
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Self Identified Competition
Centarr (based in Seattle, primarily targets marine industry) Electrical Depot (e-commerce site, source of last resort for heavy equipment industry) Collaboration with multiple customers to curate lists of product needs - Portwood collate’s their collective needs and provides a path to wholesale pricing they can’t access alone. Portwood also specializes in hard to find and no longer produced electrical components allowing companies to extend the useful lifecycle of their heavy equipment.
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Contact Applicant
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