One of the great stories in U.S. business is the resurgence of the domestic oil and gas industry and its role in creating more energy independence in the country. Venture North is helping one local company increase its oil and gas exploration efforts as part of the trend.
Hague Equipment Co. of Michigan Inc. and Great Lakes Hydraulics based in Kalkaska secured a $200,000 loan from Venture North’s Development Fund. The loan will be used for equipment purchases as its expands its client base and exploration efforts both in Northern Michigan and its recently added branch warehouse and shop based in Waverly, N.Y.
Hague Equipment Co. was originally founded in Evansville, Ind. In the mid-1950s. It opened a Michigan branch in the 1970s and was sold in 1987 to current owned Gerald Peal. Since then it’s expanded its services to include chemical injection systems, air and gas compressors, vapor recovery units, fluid and gas metering and related work. In 1994 it formed Great Lakes Hydraulics to extend its services to its remote commercial and industrial clients. Today its client base spreads across the country and even internationally to locations like Canada, China, Ecuador and the Middle East.
“Everything that moves fluids – we can serve that kind of situation,” said company controller Tracy Peal, the owner’s daughter.
Peal said Venture North was a valuable resource for the company, as it was faced with tightening credit lines from traditional financiers. “This was a huge help,” Peal said.
“They were great to work with,” Peel said of the Venture North staff. “They came out and sat down with you and talked about what we wanted to do…it’s been a great opportunity.”
Learn more about lending opportunities available through Venture North’s Development Fund.