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North Country Economic Deveolopment Fund lends $500,000 to Plattsburgh manufacturer

Posted 11/29/14

Part of a $10 million economic development fund established by the New York Power Authority to help fund North Country businesses is being lent to a Plattsburgh manufacturer. The board members of the …

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North Country Economic Deveolopment Fund lends $500,000 to Plattsburgh manufacturer

Posted

Part of a $10 million economic development fund established by the New York Power Authority to help fund North Country businesses is being lent to a Plattsburgh manufacturer.

The board members of the North Country Economic Development Fund (NCEDF) recently approved a five-year loan in the amount of $500,000 to BFG North America Group, of Plattsburgh, in support of 105 jobs, 75 of which will be newly created over the next three years, according to a press release from NYPA.

Last month, the NCEDF approved a $225,000 loan to Carthage Specialty Paperboard, of Jefferson County, in support of 89 jobs for a $3 million expansion project.

The NCEDF provides financing to eligible projects located in Jefferson, Lewis, St. Lawrence, Clinton, Essex, Franklin, Hamilton and Herkimer counties, and the portion of the Akwesasne Mohawk Reservation within New York state.

Bahrain-based BFG operates Solve Composites, a maker of fiber-reinforced composite materials in Plattsburgh, and a variety of manufacturing and engineering companies in the Philippines, China, France, Brazil and India.

BFG North America Group recently purchased a new facility in Plattsburgh that will accommodate 80,000 square feet of manufacturing space for the production of fiberglass components for buses, trains and waterslides.

The design and manufacturing firm will use the money to buy equipment that will increase production and reduce greenhouse gas emissions, NYPA said.

The North Country Economic Development Fund (NCEDF) was created in 2014 by the New York Power Authority (NYPA) and is administered by the Development Authority of the North Country. The loan fund targets projects that they hope will positively affect the region or enhance particular business sectors, according to NYPA.