| Community Futures
Meridian Region
APA Innovations Inc. and Al's Precision Archery
Inc.
Nibal and Katy Achkar purchased the assets of
Al's Precision Archery from the Bear Hills RDC in 1997 and they
commenced archery repairs and sales of accessories from their
home. By 2001, the business had grown to need the business premises
and archery-shooting lane on main street Biggar.
In 2002, Nibal commenced manufacture of
a highly successful arrow rest of unique self-design.
While assembly, packaging and shipping was handled
in Biggar, rest components were jobbed in Saskatoon, reducing
profit potential. A bow grip accessory was designed in 2003 and
a bow design and development occurred in 2004. Two bow models
were introduced in 2005 and one placed as the second fastest bow
in the world. Three of the bows made the top 15 fastest in the
world in 2006.
In 2007, Nibal achieved his goal and the Black
Mamba model became the fastest bow in the world. The bow reviews
for that year created sales in South Africa, France, Germany,
Spain, Sweden and the United Kingdom.
As the product line was expanded and sales increased,
the need for more in house manufacturing of components led to
the purchase of one CNC precision cutting machine to cut the components
out of bulk aluminum.
In addition, it was necessary to stock additional
raw inventory and finished products to meet acceptable delivery
times on sales. To meet the need for expansion capital , Mid Sask
CF/ER approved term loans of $50, 000 in April 2005, $50,000 in
May 2006 and $54,000 in November 2006 to a maximum of $150,000.
Additional production savings and increased
inventories for bow assembly could be realized with a second CNC
precision cutting machine. With the need for more capital, Mid
Sask invited Community Futures Meridian and Region and Community
Futures Northwest to participate in a joint venture. An additional
$150,000 was injected by CF Meridian and Region in March and April
2008. The second CNC machine, a paint booth and a paint-dipping
tank were purchased with the loan proceeds from CF Meridian and
Region.
Since re-organizing his shop and eliminating
the shooting range, Nibal has secured a lucrative contract with
Mathews Bows, the largest archery manufacturer in the USA, for
the supply of his arrow rests for installation on Matthews bow
lines. Mathews ordered a minimum of 500 units, but expectations
are that they will eventually order 1, 000 to 1,500 at one time.
The second CNC machine has provided the capacity to fulfill this
contract and has greatly increased the profitability of this segment
of the business.
Nibal and Katy were profiled in Communities
at Work, Fall 2006 edition. Marketing and advertising have now
reached professional levels with bow reviews by Pertersen's Bowhunting,
2005; BowHunt America Buyer's Guide, July 2008; and national TV
advertising on Wild TV.
Employment has increased from Nibal and Katy
(part time) in 1997 to 3 full time and 2 part time employees in
2008. A strong dealer network has been developed all across Canada
and sales targets of bows and accessories are now being met. In
2008, an excess of 750 bows have been sold.
While we believe Nibal and Katy have demonstrated
a true prairie entrepreneurship spirit, we are also proud that
Mid Sask and Meridian CF's were able to partner in supplying the
necessary financing to meet the capital needs of this growing
company. A success story? We think so.
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