Council may OK loan guarantee for firm

CONCORD – The Executive Council will be asked Wednesday to approve a $1 million loan guarantee to assist a Nashua manufacturer.

The Business Finance Authority is recommending that the state back up to 75 percent of the proceeds from a TD Banknorth loan to Lewis & Clark Inc., 131 Burke St.
Since 1986, the company has been a reseller of used testing and manufacturing equipment in the electronics field.

The loan is to give the firm a line of credit for working capital.

In other matters, the council is expected to approve an increase, from $450 to $700, in the maximum grant for home heating given to needy citizens under the state’s Emergency Assistance program.

The grant would be in addition to whatever amount the resident received from the Low Income Heating Assistance aid.

The council will also formally accept $37 million in federal money for energy aid; last year the state got $25 million.