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Fenwick Island Man Named Young Entrepreneur of the Year
The U.S. Small Business Administration’s (SBA) Delaware District Office will honor Kyle Morgan at the Delaware Small Business Week Awards Dinner on June 7 at the Executive Banquet and Conference Center in Newark.
Morgan owns and operates Mercantile Processing Inc. (MPI) in Fenwick Island, Delaware, a credit card processing broker, credit card terminal and ATM reseller and gift/loyalty card program supplier to more than 400 clients in the Delmarva region, New York, Pennsylvania, Virginia, Florida, and California.
Morgan began working in the electronic transaction industry as an independent sales agent in college, becoming knowledgeable about the business, its rate structures and sales strategies. Once he felt prepared, he launched MPI in 2007. He hired Andrew Stump, his first employee in 2008, to be sales manager of three employees and five independent sales agents.
“Kyle demonstrated significant success in each of the evaluated areas, and shows great potential for the future growth of his business,” said Jayne Armstrong, district director of SBA’s Delaware District Office. “We are proud to have Kyle as part of the Delaware Small Business community; he is a perfect example of a young entrepreneur.”
To be considered a young entrepreneur, nominees must serve as a majority owner and operate or bear principal responsibility for operating a small business with a three year track record and not have reached the age of 30 by June 1, 2011. Morgan was selected for this honor based on the following criteria:
1. Evidence of success as measured by sales and profits.
2. Increased employment opportunities created by the nominee’s business.
3. Development and/or utilization of innovative or creative business methods.
4. Demonstrated entrepreneurial potential for long-term business success and economic growth.