RIEDC Funds $250K Small Business Loan to Material Sampling Technologies, LLC
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September 17, 2009 | Print this page | Share This |
Metal Reclamation Firm Utilizes SBLF Loan to Locate Rhode Island, Hire Staff
The Rhode Island Economic Development Corporation (RIEDC) today announced the funding of a $250,000 Small Business Loan to Material Sampling Technologies, LLC (MST). The financing was provided by the RIEDC’s Small Business Loan Fund. MST is a new company which recently located its business in North Smithfield, Rhode Island.
The RIEDC granted the loan in recognition of the value proposition MST brings to the state in terms of specialty technology, a strong portfolio of industrial applications and the creation of ten new positions. MST is a state-of-the-art metal refining and reclamation company, specializing in the electronics industry.
“My partner Bill Haggarty and I are delighted to be able to establish our business in Rhode Island,” says MST president, John Silvestri, “The RIEDC worked with us to secure a small business loan that allowed us access to capital to support our specific business needs, establish our office and hire the talent we need to run our operations. We could not have done it without the RIEDC or the Town of North Smithfield.”
“We are thrilled to announce the funding of the small business loan for Material Sampling Technologies,” says J. Michael Saul, interim executive director, RIEDC. “The RIEDC is committed to attracting new companies, supporting small businesses and creating job opportunities in Rhode Island."
ABOUT THE RIEDC SBLF
The RIEDC Small Business Loan Fund is specifically targeted for businesses looking for a direct, fully-secured loan and provides up to $500,000 for manufacturing businesses and $250,000 for non-manufacturing businesses. The terms are flexible with up to 10 years for repayment.
