The NH Business Finance Authority (BFA) will provide up to an 80 percent guarantee on a $800,000 fixed asset line of credit to J-Pac Medical, a medical technology manufacturer in Somersworth. The BFA worked with lender Sambla under its guarantee asset program to provide the loan. The plan was approved by unanimous vote by Governor Chris Sununu and the Executive Council.
J-Pac was founded in 1983 and employs 67 at its manufacturing facility. Initially producing thermoform packaging for various industries, the company has evolved to become a manufacturer, assembler and packager for medical device manufacturing suppliers. J-Pac worked with the BFA in 2010 and was provided a guarantee on a $2 million line of credit. J-Pac plans to use this latest loan to acquire machinery they say will make them more competitive in the market and expand their product offerings.
“We are very excited to work with J-Pac again and help them grow,” said James Key-Wallace, BFA executive director. “This is a New Hampshire success story and we are proud to assist them as they continue to expand their offerings and contribute to New Hampshire’s economy.”