Nashua firm gets $100,000 from city's revolving loan fund
NASHUA — A growing company in the city is taking advantage of the city’s Greater Nashua Revolving Loan Fund in an effort to hire additional employees.
Unique System Skills LLC, which was established in 2008 and operates at 30 Concord St., recently secured $100,000 in funding from the revolving loan fund that will be used to hire two new employees and continue existing payroll.
The company, led by CEO Santosh Salvi, plans to hire a new business development manager and a new marketing director using the loan, according to a release issued by the city.
“The growth Unique System Skills has experienced in the early stage of its start-up is a testament to Santosh’s dedication to his company,” Mayor Donnalee Lozeau said in a statement. “The City of Nashua is happy to provide a means of assistance to further their marketing and business development.”
USS is a consulting company that helps connect potential employees with future employers while specializing in recruitments, talent consulting and training. The company’s goal, according to its website, is to find the right people to work for various employers in industries such as technology, retail, financial services, insurance, health care and manufacturing.
The Nashua business has served more than 80 clients during the past five years, placing 700 people into ideal employment opportunities.
“For an innovative company like ours, working with the city will put us on the path of sustained growth. This loan will help us grow in numbers and continue to expand our client base,” Salvi said in a statement.
When reached by phone on Tuesday, Salvi said he is pleased to be able to use the funding to hire two additional employees. Currently, USS employs 12 workers, he said.
“This did not happen overnight. It has been a long process,” he said. “I started this company after I was laid off from Fidelity (Investments) in 2008. This loan was one of several opportunities I considered, and I am pleased to have it available to me and my company.”
According to a release from Tom Galligani, the city’s economic development director, the Greater Nashua Revolving Loan Fund was established 10 years ago with funding from the U.S. Economic Development Administration.
Since that time, the loan fund, which is managed by the city’s Economic Development Office, has provided 35 loans and lent more than $2.5 million to area businesses.
“The Greater Nashua Revolving Loan Fund provides loans — $25,000 to $100,000 — to high technology, manufacturing, information, professional and business service companies with high growth and job creation potential,” says the release.
Galligani said Tuesday that loans are targeted to companies that have significant growth potential, are creating jobs and cannot obtain financing from traditional lenders such as banks and credit unions because they are startup businesses, may not have sufficient collateral or the company’s track record may be uneven.
“We see this a lot as a company might have shown a profit in 2012, but not in 2011 when the economy was struggling,” said Galligani. “This might make the banks feel reticent to take a chance on an otherwise great company with strong growth prospects.”
On average, the fund lends out two to four loans per year, according to Galligani, who said the most recent loan was $100,000 to Buckwheat’s Gluten Free Bakery last year.
The newest $100,000 loan to USS has a five-year term.