A Jamestown-based manufacturer affected by COVID-19 received a loan through the Chautauqua County Industrial Development Agency.
During this week’s meeting, Carol Rasmussen, IDA’s Regional Business Development Manager, spoke on behalf of International Ordnance Technologies Inc. She said that Harrison Street, which manufactures machine gun links, stripping clips and ammunition components for domestic / overseas ammunition manufacturers and distributors and metal stamping companies, had requested a loan of $ 337,500 for working capital and acquisition machinery equipment.
The company has 28 employees. Rasmussen said the loan would stabilize production, help the business win new contracts, and allow seven to nine new employees to be hired. The company had to lay off nine employees due to the economic downturn caused by the pandemic.
“This loan will help collect everything at the end of 2022”, – she said.
The IDA District Board of Directors unanimously approved the decision, which was also supported by the IDA Credit Committee.
The money comes from the Al-Tech IDA County Revolving Loan Fund and the CARES Act, which is controlled by the IDA.