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Xpanxion LLC Announces Pay Off of Economic Development Loan
Funds Have Created Over 70 High-Tech Positions in Central Nebraska
Xpanxion made its final payment in April, ending the five-year duration of the loan which began in May 2007. The loan was approved through the Community Development Block Grant (CDBG) program in coordination with the Nebraska Department of Economic Development. Using the CDBG program, federal funds from the Department of Housing and Urban Development are allotted to each state for the purpose of building infrastructure and advancing economic development. Local municipalities and states oversee the goals and distribution of the funds. Xpanxion was approved for a $290,000 zero-interest loan in 2006, with $205,000 coming from Buffalo County and $85,000 coming from the City of Kearney. In exchange for the favorable loan conditions, the funds were used by the Atlanta-based company to establish a Kearney office with the promise of creating at least ten full-time positions. Due to the effectiveness of Xpanxion’s rural software outsourcing model, the Kearney office has rapidly grown from two employees in 2006, to 71 employees today, surpassing the original promise. This substantial growth has consisted of retaining local talent and while also attracting new individuals to the Kearney area. A close relationship with the University of Nebraska at Kearney (UNK) has led to UNK graduates comprising approximately half of those employed by the company. Additionally, 75% of the company’s current Nebraska employees reside in Kearney, and a third of these have relocated to the Kearney area from across the nation to work for Xpanxion.
The funds that Xpanxion received five years ago were the result of a similar loan being paid back by a previous CDBG project. Now that the funds have been returned to local governments, the money has been redistributed to four other economic development projects within the county and city. Darren Robinson, Buffalo County Economic Development President, who oversees loans of this type said, “Xpanxion has been a leader in utilizing the economic development funds in Kearney. Buffalo County has been able to loan the funds to several businesses in the past 20 years, and Xpanxion made an excellent use of the funds by far exceeding the promised job creation. We appreciate Xpanxion’s continued efforts to create jobs in the community.”
About Xpanxion, LLC
Xpanxion, LLC provides outstanding software services to a variety of multinational companies. Founded in 1997, the company specializes in providing excellent software quality assurance, development, and consulting to its clients who exist across multiple industries and lines of business. Xpanxion’s Rural Outsourcing model, which leverages lower cost structures by combining global, onsite, and rural operations, has been proven successful by incredible growth and is continually picking up momentum across the country. The company’s website can be found at http://www.xpanxion.com.