The U.S. Small Business Administration Nevada District has recognized Elko Tool & Fastener, Inc. as its 2015 Rural Business of the Year.
“We’re delighted,” said Robert Collyer, co-owner of Elko Tool with his wife Gail. “It’s quite an honor.”
Elko Tool provides a range of industrial and mining-related products such as tools, fasteners, large-diameter mill liner bolts, industrial lubricants and other items. It also offers training courses in areas such as hand tool safety, hydraulic safety, rigging, lubrication fundamentals, synthetic oils and bearing applications.
The Collyers have owned the business since 1998, a couple years after it opened. They have a staff of 13 full- and part-time employees.
“This award is a reflection of the hard work and dedication shown by our entire staff,” Collyer said. “It has been a true team effort and we are honored to have our success recognized by a highly respected organization like the SBA.”
In determining the winners of the Businesses of the Year, judges look at such criteria as a business’s staying power, increases in sales, response to adversity and contributions to the community.
The award caps a recent streak of major changes for Elko Tool, which primarily serves a customer base in Elko, Eureka, Lander and Humboldt counties.
The store recently completed the purchase of the building it had been leasing. The purchase allowed Elko Tool to increase its space by about 3,000 square feet to 9,000 square feet.
“Purchasing the building gives us security for ourselves and our employees that you don’t necessarily have when leasing,” Collyer said.
The loan for the purchase was secured with the help of Nevada State Development Corporation.
“We are thrilled that Elko Tool, which is always a pleasure to work with, has received this honor,” said Roger Kadz, business development officer for the NSDC, the state’s largest SBA 504 loan provider. “It is a well-deserved award, and it illustrates the fact that Elko Tool stands as one of rural Nevada’s finest business success stories.”
With gold rebounding from less than $1,150 per ounce in November to more than $1,300 in late January, the business outlook has grown more promising for small businesses linked to the mining industry, including Elko Tool.
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