North Avenue Capital Provides $7.5MM USDA Loan to Ranger Scientific, LLC
North Avenue Capital, one of the leading providers of USDA-backed commercial loans, recently closed a loan to help begin operations of an ammunition manufacturing company by the name of Ranger Scientific.
The company, located in Belle, Kanawha County, West Virginia, will split the $7.5 million loan into seven components including leasehold improvements, working capital, storage structure installations, soft costs, etc. With new internal improvements, Ranger Scientific will be able to mass-produce a high-quality product that before now was only available to enthusiasts capable of making and tuning their own ammunition by hand.
Ranger Scientific has been in research and development of its product since 2016 and will be ready to begin manufacturing and selling into the market by Spring of 2021. They plan to manufacture ammunition for various calibers of rifles that are over twice as accurate, at the same price.
Given the unprecedented impact of the pandemic and historic levels of unemployment, Ranger Scientific will be creating jobs and generating meaningful economic development with a product for which demand is on the rise. Companies within the United States that manufacture, distribute, and sell firearms, ammunition, and hunting equipment employ as many as 140,000 people and generate an additional 162,000 jobs in supplier and ancillary industries.
Ranger Scientific will initially have 16 employees with an average annual wage that is more than 250% higher than the federal minimum wage, and more employees will be hired as expected growth occurs.
The community will also see some changes as the Kanawha County Commission issued an order supporting the company that will bring an economic impact to the community as well as provide significant support for educational and community programs within the Kanawha Valley.