NH BFA Assists Expansion at Bremco and Scott

Bremco, Inc. in Newport and Scott Electronics in Salem will receive NH Business Finance Authority (BFA) support following approval by the Governor and Executive Council. 

Bremco is a specialized welding services company with more than 25 employees and set for a major expansion. It needed capital to finance its upcoming growth. Bremco’s lender believed in the growth potential of the company but needed a BFA guarantee to help with the financing because the company didn’t fit into a conventional lending box. The BFA will guarantee a $1 million line of credit and Bremco’s growth will create more than a dozen new jobs in Newport. 

The BFA will also provide support to Scott Electronics, a manufacturing company with over 100 employees. The company plans to expand, adding an anticipated 30 to 40 new jobs and needed to purchase a new building to facilitate the expansion. The BFA worked with their lender to structure a $4,425,000 tax-exempt bond, lowering their interest rate dramatically. 

“We are pleased to help these two exceptional New Hampshire companies with their growth and expansion plans,” says James Key-Wallace, BFA executive director. “Both of these companies have demonstrated a tremendous amount of potential and we believe that our support will allow them to take the necessary steps to invest in growth, expand, add new employees and take their businesses to the next level. When companies like these do well, it creates opportunities for everyone across the state.”