$450, 000 loan approved by Executive Council will help firm move from Mass. to Seabrook
CONCORD — An aerospace subcontractor will move from Ipswich, Mass., to Seabrook thanks to a $450,000 loan from the New Hampshire Business Finance Authority approved on Tuesday by the Executive Council.
SMC Aerospace will expand to a larger building in the coastal border town, bring its 35 employees there and add 10 jobs immediately, with the possibility of more to come, according to Mike Donahue, senior credit officer for the BFA.
The company, formerly known as Screw-Matic Corp., is a family-owned small business in operation for 50 years and currently managed by second- and third-generation family members, according to the company website.
The SMC machining facility has been located in Ipswich, Mass., while its tube division is located in Laconia.
The company offers computer-controlled machining, tube bending, tube fabrication, welding and reverse engineering services.
According to Donahue, SMC just landed a big contract with an engine manufacturer and needs to triple its machining facility to accommodate a 20-percent growth rate.
The Seabrook property at One Chase Way is a 42,700-square-foot, single-story industrial building on 16.72 acres of industrially-zoned land, and was formerly occupied by Teledyne, a manufacturer of high-pressure glass seals now located in Portsmouth.
The 10-year loan at a 2-percent interest rate will actually be issued by the BFA to the Coastal Economic Development Corp., which will in turn lend the money to SMC along with $150,000 from its own account.
Total cost of the purchase and relocation is $2.6 million, with the balance coming from a $1.9 million bank loan.
The council voted unanimously to approve the BFA request, after Councilor Colin Van Ostern, D-Concord, praised the initiative. “This sort of activity is exactly what the BFA can do,” he said.
In other action, the council confirmed the appointment of Edward R. MacKay of Durham as director of the Division of Higher Education at the Department of Education.
MacKay retired in March after more than 35 years with the University System of New Hampshire, the last four as chancellor. He replaces Richard Gustafson, who was appointed in August, 2012, and recently resigned.