Published: November 12, 2009 10:49 pm      

Neupath set to expand

City helping finance growth

A Kokomo firm that specializes in matching engineers with projects is looking to expand, and the city of Kokomo is willing to help.

Thursday, city officials announced Neupath LLC, a Kokomo-based contractual engineering firm, is expanding its operations with the assistance of a $125,000 loan from the city of Kokomo’s Technology and Industry Revolving Loan Fund.

That money will be matched by private financing from Community First Bank of Howard County and Apex Equity Fund II, city officials said.

“Private-public partnerships are what move this community forward,” said Kokomo Mayor Greg Goodnight. “We couldn’t be more excited about this project and about Neupath’s unique approach to work-force development.”

Formed in April, Neupath has been occupying space at Inventrek Technology Park. The company, which specializes in linking high-tech companies to local engineers hired on a per-project basis, has résumés from 275 engineers on file, according to Neupath chief operating officer Rick Schoenian.

Schoenian said the company is pursuing opportunities and needs working capital.

“We’ve got over 50 opportunities we’re chasing,” Schoenian said. “To date, we’ve placed nine engineers. This will allow us to [grow],” he said.

Neupath’s engineers have experience in a wide variety of disciplines and can work in industries ranging from automotive to aerospace.

“This new financing will allow us to aggressively pursue new clients and new contracts,” said Neupath CEO Steve Gerrish.

“There is extraordinary talent in this community, and our business will allow them to work for global companies while staying local.”

Companies and engineers interested in working with Neupath should contact Schoenian at rschoenian@neupath.net. Résumés can be submitted at Neupath’s Web site, www.neaupath.net.

“Neupath’s combination of top-notch talent and an innovative approach to business will make them appealing to high-tech companies throughout the United States,” said Debra Cook, director of the city of Kokomo Department of Development. “They are providing a vital service to Kokomo’s work force and to high-tech companies across the nation. We’re proud that the Revolving Loan Fund program could be a part of it”

The Technology and Industry Revolving Loan Fund Program provides gap financing at below-prime interest rates to Howard County businesses seeking to expand. Companies or private lenders interested in discussing Kokomo’s Revolving Loan Fund program may contact Development Specialist Paul Allor at 456-7375 or at pallor@cityofkokomo.org.

• Scott Smith is a Kokomo Tribune staff writer. He may be reached at 765-454-8569 or via e-mail at scott.smith@kokomotribune.com