“ WITHOUT WVCAP WE WOULD NOT HAVE MADE IT TO THE CLOSING TABLE,” DAVIS SAYS.“ IT WAS THE CAPITAL PUSH THAT WE NEEDED TO CROSS THE FINISH LINE.”
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West Virginia Capital Access Program( WVCAP). WVCAP, administered by the West Virginia Jobs Investment Trust( WVJIT), provides alternative and additional financing options for small businesses in West Virginia. After learning his business met all initial requirements, Davis applied and was accepted for funding under the program.
The program ultimately financed the holding company for Bionic Tire, Hovatter Group. Throughout the process, the companies worked with PCAP to assist with the funding and logistics of the startup. PCAP, in conjunction with WVCAP, offered the capital necessary for various projects and items needed to prepare the company for success.
“ WITHOUT WVCAP WE WOULD NOT HAVE MADE IT TO THE CLOSING TABLE,” DAVIS SAYS.“ IT WAS THE CAPITAL PUSH THAT WE NEEDED TO CROSS THE FINISH LINE.”
Bionic Tire Recycling worked with Kevin O’ Connor, senior vice president and central Appalachian market manager for PCAP, to secure the loan. O’ Connor emphasizes the importance of the company’ s mission.
“ We’ re proud to support this innovative bionic tire recycling project through WVCAP,” O’ Connor says.“ Tire waste is a significant environmental issue, and Bionic Tire’ s solution not only addresses that challenge but also provides new opportunities for sustainable development and job creation in the region.”
Using a multi-step recycling process, Bionic Tire Recycling is now successfully reusing old materials to promote sustainability, playing a direct role in keeping the Mountain State environmentally clean.
After receiving new tires, the facility shreds them into 4x4 pieces before removing the steel and reducing the size once again to three fourths of an inch or smaller. This material can then be used as blended playground base that protects children from injury or as playground topper that promotes stable play and traction. Aside from this, the tires can be used to make mulch and serve as a component of anti-fatigue flooring, rubber modified asphalt and shingles.
The company ensures that while its employees perform these operations, they are in a safe and comfortable environment, a trait that sets it apart from other recycling companies.
“ Bionic Tire Recycling performs all operations under a roof in a climatecontrolled environment. We filter the air and make the year-round workspace safe and comfortable,” Davis says.“ We insist on creating new innovative products with a quality control system second to none.”
Based in Masontown, the company currently employs 23 people, an economic momentum that will only continue to grow as Bionic Tire Recycling moves forward. Aside from bolstering the community’ s business landscape, it has also significantly improved sustainability efforts.
Davis explains that Masontown residents now have a place to recycle their tires rather than immediately disposing of them in a way that may result in excess waste or damage
to the community’ s natural habitat. The company has also impacted the community by helping improve electrical infrastructure.
“ We will grow as fast as we can grow our raw material, or waste tire, stream,” Davis says.“ Everything we currently process is sold as soon as it comes off the line, and our customers are demanding more.”
Davis says in the future, he expects Bionic Tire Recycling will begin to work on more projects that promote operations of a green or innovative nature. In that case, PCAP can once again step in and help its plans come to fruition.
“ We hope to add the ability to take off-road commercial tires in the future as there are several mining and stone quarries in the area that utilize loader equipment and large heavy haul trucks with immense tires we currently cannot process,” Davis says.
With the help of WVCAP and PCAP, Bionic Tire Recycling can now promote these green initiatives within the state for many years to come, making it a happier and healthier place to be.
PROUDLY SPONSORED BY WVJIT | 304-205-8185 | WVJITInfo @ wv. gov