"With the help of the NYCIDA, Mondial Automotive was able to relocate its business to a 30,000 sq. foot facility that not only allowed for future growth and expansion, but also kept the company in the same area allowing 100% retention of the staff."Showky Kaldawy, President, Mondial Automotive Inc.

Business Need

Mondial Automotive, a remanufacturer of automotive and marine engine parts was a company ripe with opportunity but extremely limited by space. Owned by Showky Kaldawy, this family business grew way beyond the size of its existing facilities. Space constraints prevented the purchase of new products and limited the ability to reinvest in the company. Showky was left with two options, close the business or try and find another location. The new facility would have to be near the existing buildings because the company did not want to lose any employees or jeopardize the goodwill and business relationships it had created over the previous 50 years.

Solution

Working with NYCIDA, Mondial Automotive was able to secure the financing to purchase and renovate a 30,000 sq. foot facility in College Point. Coincidently, three months after buying the building, Mondial purchased another remanufacturer company. In the previous facilities, Mondial would never have had sufficient space to fit the new business. With the acquisition of the new company, Mondial is now able to offer its customers one-stop-shopping. Now, four years later, Mondial has more than doubled its revenue and according to Mr. Kaldawy the business may have closed without the help of NYCIDA.