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Company asks for $80K loan
A local manufacturer is seeking an $80,000 loan from Glynn County.

Triangle T Corp., which manufacturers precision parts used in the biomass industry, says it needs money to purchase equipment.

The company, which also has facilities in Portland, Ore., is at 351 Sterling Industrial Road, Sterling.

The company is crawling out of the depths of the Great Recession and has managed to secure a long list of customers, but doesn't have the capital to purchase raw materials needed to fill orders.

"In our industry, we felt the consequences of that recession, but it has come back. As our industry is recovering, the demand for our products has increased," said Paul Willard, president of Triangle T.

"Unfortunately, in order to sell the products that we make, I first have to buy raw materials."

The company has to purchase raw steel that will be transformed into precision knives and blades.

The Brunswick and Glynn County Development Authority, which reviews loan applications, has recommended the company receive the $80,000. It now must be approved by the Glynn County Commission.

"It's essentially state money that was seeded with (a Georgia) Employment Incentive Program loan the community received many years ago," said Nathan Sparks, executive director of the development authority.

Triange T isn't the first company to seek money from the revolving loan fund. ScoJet, which manufacturers precision parts, received $100,000 earlier this year to support a new client's needs.

All loans given from the fund are paid back at 10 percent interest over five years.

Lending for corporate entities isn't what it was before the recession, Willard said, calling the fund a "lifeline."

Willard said banks take into account only a company's past, not what it can become.

"(The revolving loan) literally becomes a bridge that we need to become bankable again and profile and back to where we used to be," Willard said.

"The business is here. We have the orders, but I can't make them. I can't make them on time."

There's always a risk when lending money, Sparks said, but he's confident the company will see growth after it receives the loan and will honor its commitment.

"For a small industry a loan of $40,000, $50,000, $60,000 or $100,000 to purchase new equipment ... that can mean all the difference for success," Sparks said.

Glynn County Commissioner Dale Provenzano understands the risk that's involved.

"Is there a chance we might not get paid this money? Absolutely," said Provenzano, chairman of the county's finance committee, when commenting on the request at a development authority board meeting Tuesday.

Only one loan has defaulted since the program began.

* Reporter Nikki Wiley writes about government, business and other local topics. Contact her at nwiley@thebrunswicknews.com, on Facebook or at 265-8320, ext. 321.



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