New York Business Development Corporation - August 2006 Newsletter
Success Story of the Month

Netech Corporation, Farmingdale, NY
 

 
Referred By: GE Commercial Finance  Owner:  Mohan Das  Established: January 1987
Type of Business:  Manufacturing of Biomedical Test & Measuring Equipment

Empire State Certified Development Corporation (ESCDC) and GE Commercial Finance have collaborated once again to expand their lending activity to a minority-owned small business. They developed a creative opportunity for Dr. Mohan Das, the President and CEO of Netech Corporation, which allowed him to expand his innovative biomedical company.   
 

Netech Corporation brings answers of assurance and reliability to their customers with the designing, manufacturing, and distribution of high quality test instruments used in medical and industrial applications.  They create products that test technical equipment such as pacemaker analyzers, defibrillator analyzers, electrical safety analyzers, pressure/vacuum meters, among many other devices.  These tools are used to confirm accurate functioning of patient care equipment.  

Netech has become an industry leader by drawing from its expertise in assembling high quality, reliable products at a reasonable cost.  With expected organizational growth on his mind, Dr. Das sought to expand Netech’s operations.  The acquisition of a new facility would provide more efficient processing of the test and measuring equipment, which in turn would increase profitability.  Dr. Das consulted with Andreas Hirsemann from GE Commercial Finance for options to finance the purchase of a commercial property in Farmingdale, NY.  ESCDC loan officer Jim Goldrick worked with Hirsemann to obtain an SBA 504 loan with GE Commercial Finance providing a mortgage of $417,500, while ESCDC contributed $334,000 bringing the total loan to $751,000. 

“This deal is the perfect example of how the SBA 504 Loan Program can assist a successful small business owner in acquiring a commercial property with only a small equity contribution,” said James Goldrick, Vice President, NYBDC. “The property not only provides Netech the additional space it needed to support its growth, but also provides a more efficient floor plan and better visibility than it had at its leased facility. Dr. Das can take comfort in the fact that he now owns the facility and has retained substantial working capital necessary to continue to grow his business.”

President's Message  FAQ Column  Success Story of the Month   News Highlights  
Employee of the Month   Hail and Farewell   Loan Approvals Current Rates  Contact Us        

Our Success is Your Success  - The process is easy; the possibilities are endless.