Century Mold Co. Inc. will receive a $100,000 loan from Monroe County to help purchase new equipment, expand operations and create 50 jobs within three years.
The company expects to add 30 of those jobs in the next six months. The loan makes Century Mold the first company to receive assistance from Monroe Countyâ€™s new Revolving Loan Fund.
County Executive Maggie Brooks said the loan fund helps economic development efforts by providing an additional resource to assist local businesses in growing, competing, and creating and keeping jobs in the community.
â€œMonroe County is committed to helping local businesses grow,â€ Brooks said. â€œStrengthening our economy is clearly job number one.â€
Ronald Ricotta, president and CEO of Century Mold, said the loan allows the company flexibility in purchasing a 310-ton electric press.
Century Mold is a full-service injection mold maker and producer of component parts and employs 206 workers.
Monroe Countyâ€™s Revolving Loan Fund was created as a result of a $1 million contribution from Eastman Kodak Co. to the Monroe County Development Corp.
To be eligible for funding, businesses should demonstrate good credit and sound financial management and commit to job retention and/or creation.
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