Mike Suth, CEO of Hoosier Spring Co., Inc. was named Indiana Small Business Person of the Year for 2014 by the Indiana District Office of the U.S. Small Business Administration (SBA). 1st Source Bank nominated Mike for the SBA honor.
“We are proud to have nominated Mike,” said Joseph Kuzmitz, 1st Source Bank Senior Vice President, Business Banking. “His story is an inspiration to small business owners everywhere. Mike continued the legacy started by his own father and brought Hoosier Spring into the international arena.”
The now third-generation family-owned business was founded in 1954 in South Bend by Mike’s father, Emery, whose seven employees made automotive springs inside Emery’s garage. Today, Hoosier Spring employs about 90 people, and is a leading manufacturer of compression springs for the automotive, nuclear and aerospace industries.
Mike’s business success is due in no small part to promoting a work environment that treats employees like family. “To him, quality of work life is the key to building a quality product,” Kuzmitz said. “We’re proud to share those values at 1st Source, and they’re certainly part of the reason we chose to nominate Mike for the award.”
Among other criteria, the award recognizes a small business owner’s commitment to innovation, company growth and financial integrity. Mike was among the nation’s top small business owners invited to Washington, D.C. May 15 and 16 to contend for the SBA’s National Small Business Person of the Year honor. His son Robert attended on his behalf; Mike will receive his state award June 5 in Indianapolis.