A few months ago, EWI was honored to accept the Small Business Subcontractor of the Year Award from the Great Lakes Region of the U.S. Small Business Administration. In the video below, EWI Executive Chairman and founder Dominic Silvio accepts this prestigious award from the SBA’s Tom Vargo in the lobby of our Detroit headquarters.
While we love winning awards and receiving recognition, this one from the SBA is especially meaningful for us. You see, without the Small Business Administration, EWI probably wouldn’t even be here today.
EWI was founded in 1979, and (like most fledging businesses) we needed access to operating capital. At the time interest rates were around 13% (and they later climbed to over 20%!) — not exactly ideal financial conditions to launch a business. A local loan officer recommended we secure an SBA loan to help keep us afloat, and the loan was a godsend for our (at the time) small shop.
“Most small businesses, when they fail, it’s within two years,” said Tom, “but you kept with it — and look at all you’ve created.
“(This award) just speaks volumes to the work that you do, the quality of your work, your professionalism,” he said. “This business that you’ve created is a gem for the state of Michigan.”
We couldn’t be more honored to receive this award from the SBA.