Polymer Solutions Inc leverages MBC Revolving Loan Fund to support growth
August 23, 2010
Blacksburg-based Polymer Solutions Incorporated (PSI) has received a $50,000 loan from the MBC Development Corporation (MBC). PSI is an independent laboratory and a strategic resource for chemical analysis, physical testing, research and development services, and litigation services. Located in the Blacksburg Industrial Park, PSI will use the funds it received to renovate existing warehouse space into additional office and lab space. The expansion will allow PSI to add seven new employees to its Blacksburg operations and will better accommodate the eight employees added since the first of the year.
“The MBC Development Corporation is a valuable business partner and offers us a key financing option that meshes very well with our growth plans,” says Jim Rancourt, the founder of PSI. “We will add specialized laboratory space to house our plastics and rubber testing equipment that serves the medical, pharmaceutical, packaging, construction products, and other industrial clients.”
“PSI’s use of the revolving loan fund exemplifies how Montgomery County-Blacksburg-Christiansburg business can leverage the MBC to support their growth,” said Brian Hamilton, Director of the Montgomery County Economic Development Department. “Local companies needing to grow can use the revolving loan fund to finance new equipment, to renovate their facility or to purchase land.”
The MBC Development Corporation is a local, not-for-profit, Community Development Corporation serving Montgomery County and the Towns of Blacksburg and Christiansburg. The Revolving Loan Fund is intended to supplement, not substitute, private sector capital investment and small business loans from traditional financial institutions.
The MBC Revolving Loan Fund was initially capitalized using a grant from the Federal Economic Development Administration and several local community banks. The total loan pool is over $300,000 with approximately $150,000 currently available for lending.