World Wide gets $450,000 shot in arm

The Covington Leader Online
July 22, 2005

By Greg Little, Managing Editor

A check for $450,000 is certainly something of an eye opener.

For a Covington business, it means expansion and continued growth in the future.

“It all comes back to one thing,” said Mark Hobbs, president of World Wide Lines, Inc. “It’s about the people.”

Hobbs made his remarks during a check presentation ceremony on Wednesday afternoon at the Covington-Tipton County Chamber of Commerce.

The loan to World Wide is interest free and will help the company with its $3 million expansion into a new facility on the city’s north side.

United States Department of Agriculture Rural Development State Director Mary “Ruth” Tackett made the check presentation during the ceremony.

She explained the no-interest loan program is “not common,” but said it worked well in this situation.

The loan is actually being facilitated by Southwest Tennessee Electric Membership Cooperative which received funding to aid in development of a manufacturing facility in Covington, creating what is hoped to be 100 new jobs in the next few years.

USDA Rural Development's business-cooperative program provided the electric cooperative with $450,000 in funds and that group can then re-lend the money as a zero interest loan to local entities to promote economic development and job creation projects.

In this case, the money was loaned to the Covington Industrial Development Board, which made the zero-interest loan to World Wide.

“It’s a great day,” said Lee Johnston, executive director of the Covington chamber.

Mayor David Gordon said the bottom line is “industrial retention and industrial expansion” and in this case, that means “jobs, jobs and more jobs.”

Tipton County Executive Jeff Huffman told the audience that 80 percent of of all new business in Tennessee comes from expansion of existing businesses.

Huffman called it “important” that the county “maintain a solid business base.”

Tennessee House Speaker Jimmy Naifeh, D-Covington, said there is “a lot happening in rural West Tennessee.”

He called the check to World Wide “another example of all governments working together to try to make this a better community.”

Sen. Mark Norris, R-Collierville, noted that sometimes political leaders “have differences” on many issues, but that “we have no differences on this level.”

Hobbs told the audience it was two years ago when he came to Covington to look at World Wide. He said they came “sight unseen “ but “in less than an hour, we made made the decision to buy the company ... because of the people.”

At that time, he said the company had “two months of life left,” but since then has grown. He said it went from a negative growth rate to 40 percent growth in two years and he said it is because of the people who work at World Wide.

“This would not have happened anywhere else,” he said of the $450,000 loan. “My company is very humbled. I’m beyond amazed.”

World Wide had 60 employees two years ago and now has 100. Hobbs said they hope to expand that by 50 within the next year.

World Wide Lines manufactures various items, including commemorative plates, coffee mugs, mouse pads and many other products.