Jay Carter, CEO and president of Carter Aviation, went to the Wichita Falls 4A Board last summer and requested an advance on the last installment of their loan.
The board declined.
The company was strapped for cash and had to lay-off half of its workers.
AAI, the company that licensed Carter's technology, came to the rescue with the funding.
That meant Carter Aviation could keep 20 of its employees on board.
Now, Carter Aviation officials say recent test results provide them with some exciting news.
"In the last month, we've done some flying in which we've exceeded the efficiency of the best helicopter in the world by a factor of two-and-a-half times," Carter says.
He's referring to the lift over drag values.
"Helicopters basically run with what's called an L over D; it's an efficiency," Carter says. "The weight of the aircraft, that's how much lift the rotor or wing has to provide, and the drag equals the amount of thrust the propeller has to do to push you forward."
Carter says other aircraft have achieved an L over D of just over four, but Carter Aviation multiplied that number.
"We ended up achieving an L over D of 12," Carter says.
That means his, called a slow rotor compound, can achieve the fuel and mileage efficiencies of fixed wing aircraft.
But what makes this helicopter different is that it has the vertical landing and take-off capabilities of a helicopter, yet it's fixed-wing gives it the forward flight characteristics of an airplane.
"It means we can fly a lot further without having to refuel," Carter says. "It means we can fly a lot further. It means we can fly faster."
Carter says the aircraft can also be flown remotely without a pilot, which opens up its use for the military.
The aircraft workers are making right now should be flight-ready early next year.
Carter says once the aircraft is finished, he hopes to take it on a national tour.