Deals approved by New Hampshire’s Governor and Executive Council mean more high-quality jobs for Granite Staters.
May 17, 2019 – The New Hampshire Business Finance Authority (BFA) is pleased to announce that two New Hampshire companies will be receiving BFA support following approval from the Governor and Executive Council at their May meeting.
Bremco Inc, located in Newport, is a specialized welding services company employing over 25 employees with high-quality jobs. The company is set for a major expansion and needed capital to finance their upcoming growth. Bremco’s lender believed in the growth potential of the company but needed a BFA guarantee to help with the financing because the company didn’t fit into a conventional lending box. The BFA will guarantee a $1,000,000 line of credit and Bremco’s growth will create over a dozen new high-quality jobs in Newport.
The BFA will also provide support to Scott Electronics, a manufacturing company in Salem with over 100 employees. The company plans to expand, adding an anticipated 30-40 new jobs and needed to purchase a new building to facilitate the expansion. The BFA worked with their lender to structure a $4,425,000 Tax-Exempt Bond, lowering their interest rate dramatically. “We are pleased to help these two exceptional New Hampshire companies with their growth and expansion plans,” stated James Key-Wallace, Executive Director of the New Hampshire Business Finance Authority. “Both of these companies have demonstrated a tremendous amount of potential and we believe that our support will allow them to take the necessary steps to invest in growth, expand, add new employees and take their businesses to the next level. When companies like these do well, it creates opportunities for everyone across the state.”
About the NHBFA
The Business Finance Authority (BFA) was created to foster economic development and create employment in New Hampshire. The BFA accomplishes these objectives by working with New Hampshire’s banking, business, and economic development sectors to develop and implement programs which expand the availability of credit in the state. Our customers include manufacturers, small and medium-sized businesses, health providers, and non-profit educational and cultural organizations.
For more information about the BFA, please contact Tiffany Eddy at 603-657-6471 or tiffany@tiffanyeddy.com