Loan fund to help Sherburne company get military work
NORWICH – Economic development planners will recommend to the Chenango County Board of Supervisors next month a $75,000 revolving loan for Standard Printed Circuits, Inc. of Sherburne.
The manufacturer plans to utilize the funds to purchase equipment that will enable it to become military-certified and expand its marketplace. The financial impact is expected to result in additional sales upwards of $1 million annually and result in the creation of nine jobs over three years. The company currently employs 22.
“They will be the only business in the U.S. to be military certified to manufacture these particular parts for military operations,” Chenango County Planning Director Donna M. Jones told members of the Planning & Economic Development Committee last week.
Standard Printed Circuits, Inc. has been located in Sherburne since 1970. It manufactures single and double-sided printed circuit boards. The new equipment, a plasma system, is one of the most sought after prices of manufacturing equipment in the industry, according to the company’s loan application.
Total equipment cost is $125,000. The purchase is also backed by $50,000 from the Village of Sherburne. The county’s loan would be amortized over five years at an interest rate of 2.44 percent.
Additionally, another phase of the project is slated within the next five years, which will require additional investment of more than $500,000. The company previously received an economic development revolving loan of $70,000.
“They’ve always been early on their payments. They’ve never had a problem following through with what they say. This is a no brainer,” said Jones.
The county’s total available economic development loan funds for 2009 is about $430,000.
The manufacturer plans to utilize the funds to purchase equipment that will enable it to become military-certified and expand its marketplace. The financial impact is expected to result in additional sales upwards of $1 million annually and result in the creation of nine jobs over three years. The company currently employs 22.
“They will be the only business in the U.S. to be military certified to manufacture these particular parts for military operations,” Chenango County Planning Director Donna M. Jones told members of the Planning & Economic Development Committee last week.
Standard Printed Circuits, Inc. has been located in Sherburne since 1970. It manufactures single and double-sided printed circuit boards. The new equipment, a plasma system, is one of the most sought after prices of manufacturing equipment in the industry, according to the company’s loan application.
Total equipment cost is $125,000. The purchase is also backed by $50,000 from the Village of Sherburne. The county’s loan would be amortized over five years at an interest rate of 2.44 percent.
Additionally, another phase of the project is slated within the next five years, which will require additional investment of more than $500,000. The company previously received an economic development revolving loan of $70,000.
“They’ve always been early on their payments. They’ve never had a problem following through with what they say. This is a no brainer,” said Jones.
The county’s total available economic development loan funds for 2009 is about $430,000.
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