Excelco Newbrook, Inc. has received a $100,000 loan from the Chautauqua County Industrial Development Agency. Company officials say they are rebounding from COVID and are planning on adding staff. Submitted photo

The Chautauqua County Industrial Development Agency has approved loans which will allow two businesses to expand.

The county IDA approved a $400,000 loan to Tim & Edmond, LLC to be used to assist in the upgrade of its facility at 245 and 255 Fluvanna Ave., Jamestown. Tim and Edmond Shults – owners of Shults Real Estate and Tim & Edmond, LLC – have operated the real estate management company since 2007. In 2016, they purchased the 60,000-square-foot former Quality Markets location and received a use variance from the city of Jamestown Zoning Board of Appeals for light manufacturing in this location.

IDA officials said the new upgrade project will help ensure the Fluvanna Avenue facility can accommodate additional manufacturing usage.

Carol Rassmussen with the county IDA said they want to upgrade 9,000 square feet of the building. That section is currently empty.

County IDA Chief Executive Officer Mark Geise called it a “great project” and said it would allow the current tenant to expand operations.

Although it was not discussed at the meeting, New Flyer of America, Inc. is the current tenant. The company makes bus parts.

In a news release earlier this month, New Flyer announced that it has been awarded two new contracts from the New York City Transit Authority including firm orders for 429 Xcelsior buses with options to purchase up to 1,661 additional buses over the next five years. The news release did not specify if the Jamestown plant would be part of that project.

Total cost of the upgrade to the Fluvanna Avenue location is $1,020,000. The terms of the $400,000 CCIDA loan are 15 years and 4% interest.

In a separate matter, the county IDA approved a $100,000 loan to Excelco Newbrook, Inc.

Located at 16 Mechanic St., Silver Creek, ENI specializes in building complex mechanical equipment, prototype components, and low volume production runs of specialized equipment for undersea, naval, and nuclear applications.

The $100,000 working capital loan will help ENI to fund the cost associated with increased work-in-process inventory, materials and supplies for increased production, and to provide contract financing for two major orders.

ENI President Chris Lanski spoke at the meeting and said because of COVID, the company had to drastically reduce its staffing level and overhaul its operations.

Things have since improved. “Throughout 2023 we were able to reach full production by accelerating two of our large contacts at the time. … Today we have a large backlog. We won some more orders and our work will last us well into 2026,” Lanski said.

ENI currently has 44 employees and is planning to increase that number to 50. The loan’s term is for five years at 4% interest.

Both loans were unanimously approved.

“The IDA’s low-interest loan program is intended to offer assistance to companies that want to invest in our communities and local workforce, and each of the loans approved today by our Board of Directors do just that. We’re excited to see these three businesses invest in Chautauqua County and offer new employment opportunities,” Geise said.