Flame Cut Steel, a producer of precision cut steel components, has opened up shop in Irvington with direct loans from the state’s Economic Development Authority.
The company received a $645,000 direct loan from the EDA’s Premiere Lender program, which offers low-interest loans to startup companies in the state. The program, set up in 2015, offers up to $2 million for fixed assets and up to $750,000 for working capital.
The company will set up shop in an 18,291-square-foot facility and specialize in flame cutting of steel plate sheets and round bars, and offers waterjet and plasma cutting services. Its clients are in the military, aerospace, energy, construction, medical and electronics industries.
“With our new facility and high-tech laser cutting machine, Flame Cut Steel is now in a better position to customize our offerings to clients and grow our business even further,” Ramesh Nuthi, the company’s founder and CEO, said in a press release. “The financing provided by the EDA was critical to our company moving forward.”
Nuthi added that the location was attractive because it is off of State Route 78. Just 15 miles away from New York City.
The loan to Flame Cut comes at the same time the EDA is launching its “Look Here First” campaign, which is urging startup companies in the state to contact the EDA regarding borrowing decisions.
“Flame Cut Steel is a great example of how the EDA’s cost-effective financing solutions can help small businesses access capital and grow,” Tim Lizura, EDA’s chief operating officer, said in a written statement.