Location: Mansfield, Ohio
County: Richland County
Lending Partner: Park National Bank

Built in Ohio, Built to Last

Goyal Industries has been a fixture of Ohio manufacturing for more than 35 years. Founded in 1988 by Prakash Goyal and based in Mansfield, the company has built its reputation on precision.

They produce custom metal components to close tolerances for demanding industrial applications, with capabilities that include CNC turning and milling, MIG/TIG welding, soldering, brazing, and supply chain programs like Kanban and just-in-time stocking.

Today, Goyal is led by Prakash and his son Jay Goyal, who serves as President and CEO. From engineering drawings to finished parts, the company has spent decades earning the trust of clients who need precise work done right.

An Opportunity Right Next Door

Goyal Industries and Forrest Machine Products were neighboring businesses with a lot in common. Both operated in the same corner of Ohio. Both focused on precision machined components. When The Techman Group, owners of Forrest Machine Products since 2004, decided to sell, Goyal was in a position to make a move.

After coming to terms, both sides agreed on a purchase that would bring the two operations under one roof. The challenge was financing the acquisition of Forrest Machine Products’ equipment: CNC equipment, turning centers, machining centers, and other specialized machinery the facility depended on to keep running.

How the SBA 504 Made It Work

OSDC partnered with Park National Bank to structure an SBA 504 loan for the acquisition. The SBA 504 is a government-backed loan program that helps Ohio small businesses purchase major equipment and commercial real estate with a low fixed interest rate and a smaller down payment than a conventional bank loan.

For Goyal, the 504 loan meant they could move forward on the acquisition without overextending the business. The fixed rate locks in for the full term of the loan, so there are no surprises down the road.

43 Ohio Jobs Retained

The impact of this deal goes well beyond Goyal’s growth. Forrest Machine Products employs 43 people in Richland County. Without a buyer and the right financing to make the deal work, those jobs were at risk.

By structuring the acquisition through the SBA 504 program, OSDC and Park National Bank helped ensure that a long-standing Ohio employer stayed open, stayed staffed, and kept serving its customers. That’s what the program is designed to do: help Ohio businesses grow while keeping Ohio workers employed.

When the right financing is in place, Ohio businesses can do more than survive a transition. They can come out of it stronger.