XMA Corp received a $150,000 loan through the City of Manchester’s Revolving Loan Fund
Manchester, NH – The Manchester Economic Development Office (MEDO) recently facilitated a $150,000 Revolving Loan Fund (RLF) loan to XMA Corp, a company that manufactures passive microwave components for the United States Military and other commercial customers. The RLF is a loan program administered by MEDO to help attract new businesses, encourage business start-ups and to support the expansion of existing companies that will create new jobs in Manchester.
Dave Crocker, VP of Operations for XMA Corp, explained that the RLF loan will allow XMA to continue its steady growth, “We were able to add seven employees in 2010 and we are looking to add an additional four to nine this year. Our ability to secure contracts relies on our ability to secure capital which the RLF loan provided us, and with more contracts comes the need for more employees”, stated Crocker. XMA began in 2003 with only a few employees and has been expanding ever since. XMA currently occupies 7,500 square feet at 150 Dow Street in Manchester’s Historic Millyard and will be expanding into an additional 2,500 square feet.
The $150,000 loan to XMA Corp was made possible through a recent $200,000 investment into the RLF by the Manchester Development Corporation (MDC). "The loan to XMA through Manchester's RLF, which is, in turn, funded directly by the Manchester Development Corporation, is a prime example of the MDC using its resources in cooperation with the City to bring new jobs and additional economic growth to Manchester. MDC is proud to have helped to make this loan possible”, stated MDC chairman Jim Hood. The MDC has invested $600,000 to the RLF program since 2009.
“We view the Revolving Loan Fund as an invaluable tool in encouraging the growth of new and existing business that bring jobs to Manchester,” said Jay Minkarah, Director of the Manchester Economic Development Office. “In addition to job creation, by providing small business owners with needed capital for expansion, the RLF supports the economy by stimulating construction activity which provides work to local contractors, through new equipment and inventory purchases, and by helping businesses occupy vacant commercial property.”