LEETONIA — Humtown Products was recognized Thursday by the Small Business Administration (SBA) as a Legacy Business.
The event was attended by employees, SBA members and government representatives.
Humtown, a family-owned manufacturing innovator, is one of 68 businesses across the country being recognized as the SBA celebrates its 70th anniversary.
The businesses being recognized, according to a SBA press release, are ones that have benefited from utilizing SBA resources in the early stages of business.
Humtown Products is described by the SBA as a third-generation family-owned company that has served the foundry industry for more than 60 years.
“With the help of SBS resource partners, access to capital, executive leadership training and export assistance, Humtown Products President and CEO Mark Lamoncha and his team have turned his father’s humble pattern shop into a global leader and innovator of conventional and 3D printed sand cores and molds,” the SBA press release said.
Victor Parker, SBA associate executive administrator, said Humtown Products is an excellent example of a successful business the SBA has helped over the years.
Brandon Lamoncha, director of additive manufacturing and Mark’s son, started out in the company at the age of 13. He recalled how he and his father went to the SBA office and took part in their emerging leadership program. He attributed that program with the Small Business Development Center (SBDC) to the family learning what the opportunities were out there for the business and help them become entrepreneurs.
“Without the SBDC I don’t know if I would be standing here today talking about what Humtown has done,” Brandon Lamoncha said. “The business has been around for multiple years doing conventional manufacturing and taking it into a 3D printing age. I’m very happy to be a part of that and I thank the SBDC and the SBA for the insights and programs.”
The SBA has also helped the business as they got into exports. They now export millions of orders to multiple countries.
Brandon Lamoncha also noted how the SBA helped him on a personnel level by sharing how he and his wife moved to Florida and lost their house in Hurricane Ian. The SBA Disaster Loan Program is helping them rebuild their home.
“I want to thank the SBA for everything they do in keeping America running and being a hand up to companies and not a handout,” he said.
Mark Lamoncha recalled how the company during the Great Recession went from 220 people down to 10 by 2010 and how he realized he needed to redefine what the company was doing and who there were and what they are.
The company first received help from the SBA with a loan in 2010 and then refinanced that loan in 2015 to help with the development of emergent technology that banks don’t always finance. The most recent loan in 2018 is to help the company expand with other locations and new technology.
Mark Lamoncha said the SBA forms a financial bridge to weather severe economic conditions and contractions.
When asked what being named a Legacy Business meant to him personally, Mark Lamoncha said, “It’s a we thing. It’s a culmination of developing financial integrity. To win that award, is through the knowledge and the learning of the community and it’s something you don’t learn in a classroom. It represents how companies become legendary by building financial integrity for the community. By partnering with people like that (SBA), you actually have longevity, which to me a company shouldn’t come and go. They need to be long standing.”
He said he believes an award like this shows the community the company is here for the long haul.
“It shows what I call three-dimensional thinking,” he said. “It’s thinking beyond the day. You’re anchoring into the future is how I see it with security and integrity to be here longer. You have to look out and you have to look farther to sustain that.”
“I want to thank our friends, our mentors, our colleagues, university partners, journalists, community members, government leaders and the student emerging athletes today,” he added.