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New York
Business Development Corporation - September 2006 Newsletter
Success Story of the Month
Referred By:
Type of Business:
machine tooling
Financing:
$1,800,000
Entrepreneur
Thomas Barnes has a knack for finding something successful and
making it even better. His most recent venture was an
investment in Franbilt, Inc., for which he built upon their
well-regarded reputation in the construction, machine tooling,
and fabrication industries. Mr. Barnes did this with the help
of NYBDC and First Niagara Bank.
Mr. Barnes sought to purchase Franbilt, Inc. in April 2005
when Franbilt’s previous owner who
formed the business 38 years ago was experiencing health
problems and looked for a buyer to keep his
business in operation and preserve the 100 manufacturing jobs
in Western New York. Mr. Barnes then sought resourceful ways
to handle the financial needs that Franbilt, Inc. was facing.
Mr. Barnes connected with Jerry Jacobi from First Niagara Bank
for options to finance the commercial property.
Mr. Jacobi worked with NYBDC loan officer Michael Taylor to
provide Mr. Barnes with the funding to complete the purchase
of the facilities. NYBDC and First Niagara Bank helped Mr.
Barnes secure a loan totaling $1,800,000 to improve Franbilt,
Inc.’s current property with expansions for more manufacturing
space.
Today, larger and more extensive projects are becoming more in
demand and Franbilt is one of the few fabricators capable of
performing such large structural steel projects. Its largest
customer is the New York Power Authority’s Niagara Falls Power
Generation Plant, where Franbilt completes all repair work and
major structural fabrication projects.
What a success!
NYBDC got the job done!
"NYBDC’s
expert loan guidance was invaluable in helping me
purchase my facility. The staff was extremely knowledgeable
and offered prompt service. I was especially pleased with how
smooth the coordination was between the NYBDC Western New York
and Albany office. They were always well-prepared and answered
all our questions and I was at peace throughout the entire
loan process."
Thomas
Barnes, Owner, Franbilt, Inc.
Lender's Corner - Don't Let the Prepayment Penalty Fool You
Success Story - Franbilt, Inc.
NYBDC News Highlights
Employee Spotlight - Michael Taylor Welcome
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