Somersworth company will now invest in new machinery to streamline and expand their operations.
The New Hampshire Business Finance Authority (BFA) will be assisting another New Hampshire company with its expansion plans. The BFA will provide up to an 80% guarantee on a $800,000 fixed asset line of credit to J-Pac Medical, a medical technology manufacturer in Somersworth. The BFA worked with TD Bank under its guarantee asset program (GAP) to provide the loan. The plan was approved by unanimous vote at this week’s Governor and Executive Council meeting.
J-Pac was founded in 1983 and employs 67 employees at their manufacturing facility. Initially producing thermoform packaging for various industries, the company has evolved to become a manufacturer, assembler and packager for medical device manufacturing suppliers. J-Pac had recently worked with the BFA in 2010, when the BFA provided a guarantee on a $2,000,000 line of credit. J-Pac plans to use this latest loan to purchase new machinery that will make them more competitive in the market and expand their product offerings.
“We are very excited to work with J-Pac again and help them grow,” stated James Key-Wallace, Executive Director of the New Hampshire Business Finance Authority. “This is a New Hampshire success story and we are proud to assist them as they continue to expand their offerings and contribute to New Hampshire’s economy.”
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