SMALL BUSINESS

Factory Five Racing named New Bedford small business of year

COURTESY FACTORY FIVE RACING INC.
DAVID SMITH, President of Factory Five Racing Inc., stands in the company's Wareham, Mass. facility.
Posted 6/19/12

NEW BEDFORD – Factory Five Racing Inc. was named the 2012 Greater New Bedford Small Business of the Year by the New Bedford Area Chamber of Commerce and BankFive.

The Wareham, Mass.-based company was established in 1995 as a manufacturing company making and selling custom car kits.

“Despite the economy, 2011 was one of the best years ever for the company financially,” said a Chamber release announcing the award.

The Chamber selection committee looked for companies that had balanced success with a strong commitment to the community. Each nominee was rated on number of employees, staying power, growth, social responsibility and innovation.

“The company continues to re-invest in its product line, re-engineering several of its vehicles and purchasing new equipment to increase productivity,” said the release, adding that Factory Five Racing is working to expand its international market, which currently makes up about 20 percent of the company’s sales.

Factory Five has 32 full-time employees, many of whom were hired from local vocational schools, according to the Chamber.

The company also shows strong community involvement, raising more than $3 million for the Cystic Fibrosis Foundation since 2011, supporting local charities and community groups and actively supporting the U.S. military through hiring veterans and donating to returning soldiers.

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