Loan Closing Date: 12-21-16
Funding Source – ACC: $165,000
Loan Amount: $165,000
Location: Somerset, KY
Steve Ping and his best friend David Bennett were working for a local machinery moving company in Somerset, Kentucky in the early 90’s when an out-of-state corporation purchased their company. Mr. Ping and Mr. Bennett noticed that the company’s value for its employees began to decline. Steve Ping had a vision to build a machinery moving company that brought integrity back into the business and left the company to start his own in 2004. Cumberland Machinery Movers was born, where valuing the needs of the employees and their community complemented the highly skilled range of services they provide as a rigging and millwright company, which includes moving factory equipment, heavy rigging, overseas crating, and installing new machinery.
The business grew tenfold less than a decade later when they purchased their original employer, Bailey Machinery Movers. Sadly, Mr. Ping passed away a year later and ownership went to his wife, Susie Ping. Ms. Ping had lived through the experience of a company’s eroding value for their employees with her husband and maintained a passion for providing a great service that values their employees and the community. Mr. Bennett became the general manager.
“[Ms. Ping] puts a lot of thought and effort into making sure the company represents the family values that we stand for… Every employee whether they sweep the floor or lift a million pounds has value and we want to make sure our employees know that they are valuable to us. She is very good at doing that, sometimes with just a simple ‘thank you’,” noted Mr. Bennett.
Alongside the story of Cumberland Machinery Movers’ successful growth–and their ability to use it to support their employees and the community–was Kentucky Highlands Investment Corporation (KHIC), which provided financial assistance early on in the company’s history, whether it was to help buy machinery when Cumberland purchased Bailey Machinery Movers, or to update or repair machinery as the company grew. In 2016, Cumberland Machinery Movers received a loan from KHIC for $165,000 to finance repairs on a truck repair and to purchase a Landoll equipment trailer.
“Without that truck it doesn’t just cost us a job for one guy… it probably affects maybe 6-7 guys if we’re without a truck and a trailer because that truck hauls the equipment for those guys to do their job on site each day,” said Mr. Bennett.
Cumberland Machinery Movers continues to stay true to their mission to share their success with their now 56 employees, while showing up day in and day out to maintain customers’ production schedules with efficient service and an outstanding safety record. The company invests in its employees with a wage far above the local standard.