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.
PBN is now accepting applications for its newest award program and event for RI & Bristol County to celebrate the Manufacturing Renaissance that is evolving regionally and across the country. The deadline for applications is March 20th.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.