BFA assistance to fuel growth of two New Hampshire companies
Scott Electronics, Bremco plan expansions, adding jobs
Financing help for two New Hampshire companies’ expansion plans has been approved by the Executive Council.
The assistance, which will be provided through the Business Finance Authority, will help both Scott Electronics also provide support to Scott Electronics of Salem, a manufacturer with over 100 employees, and Bremco Inc. of Newport, a specialized welding services company with over 25 employees
Scott’s expansion includes the purchase of a new building and the addition of between 30 and 40 new jobs. The BFA worked with the company’s lender to structure a $4.425 million tax-exempt bond, lowering Scott’s interest rate dramatically.
Bremco’s plans also include expansion and will be aided by a BFA guarantee of a $1 million line of credit. The company said the financing will help create over a dozen new jobs.
“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,” said James Key-Wallace, the BFA’s executive director.” When companies like these do well, it creates opportunities for everyone across the state.”