Delaware’s Minority Small Business Person of the Year
The U.S. Small Business Administration’s (SBA) Delaware District Office has named Newark business owner Srini Lokula, CEO of RAM TECH SYSTEMS, INC. as Delaware’s Minority Small Business Owner of the Year.
The award will be presented at a luncheon on October 6, 2011, at 12:00 p.m. at the Clarion Hotel – The Belle, 1612 North DuPont Highway in New Castle. The presentation will be conducted in conjunction with the Mega BizFest event, a business conference for veteran, women, and minority owned businesses.
“The SBA is honored to recognize RAM TECH’s small business success,” said Jayne Armstrong, district director of SBA’s Delaware District Office. “We are especially excited to see one of SBA’s 8(a) firms take their business to the next level.”
Moving from India in 1990 Lokula honed his computer automation skills, and launched RAM TECH in 1996 with an initial focus on that discipline. The firm soon amassed an impressive client base in a broad range of industries, including the financial, banking, mortgage, insurance, and the federal government. As Ram Tech grew, it added capabilities to provide the same caliber IT professionals overhaul for clients in the financial industry with new databases, security portals with single sign-on technology, and front- and back-end web page support.
For over 15 years Ram Tech has specialized in automating business & office operations, systems and network security, database development, web sites, web portals, and business intelligence consulting. In that time Lokula has grown RAM TECH into a multi-million dollar company. That growth has earned the firm a place on Inc.500, Deloitte Fast 500 and Top Diversity-Owned Businesses lists.
Lokula / RAM TECH is a graduate of Executive 200 (e-200), an executive development program sponsored and run by SBA. Lokula has been putting the theories and principles learned in the e200 classroom into practice to become a more successful and sustainable company.
“This award from the SBA is special to us because it recognizes us as the Minority Small Business Person of the Year,” said Lokula, “It delivers a powerful message to the community and our clients and colleagues that RAM TECH stands out for our on-time delivery and the quality service we provide to our customers.”
RAM TECH is a minority-owned business certified in the SBA’s 8(a) business development program. The 8(a) program helps socially and economically disadvantaged entrepreneurs gain skills, knowledge and experience to improve their ability to compete with larger firms in the federal contracting and corporate marketplaces. The two-phased program includes a four-year developmental stage and a five-year transition stage.
Since 1983, the President of the United States has proclaimed National MED Week to recognize the outstanding achievements of minority-owned businesses and to honor corporations and financial institutions that support minority business development. The National MED Week celebration was held this week in Washington, D.C.
The SBA Minority Small Business Person of the Year award criteria includes: growth in total sales, net profit and full-time employees; contributions to the community, and response to adversity.
The SBA’s charter is to maintain and strengthen the nation’s economy by aiding, counseling, assisting and protecting the interests of small businesses and by helping families and businesses recover from natural disasters. For more information about the SBA, call (302) 573 6294 or visit www.sba.gov.