- June 25, 2021
- Posted by: Stratford Team
- Category: Business
A Jamestown manufacturer that was impacted by COVID-19 has been awarded a loan through the Chautauqua County Industrial Development Agency.
During a meeting this week, Carol Rasmussen, county IDA business development manager, spoke on behalf of International Ordnance Technologies Inc. She said the Harrison Street company, which manufactures machine gun links, stripper clips and components of ammunition for domestic/foreign ammunition manufactures and distributors, as well as does metal stamping, requested a $337,500 loan for working capital and to purchase machinery equipment.
The company has 28 employees. Rasmussen said the loan will stabilize production, help the business get new contracts and allow it to hire seven to nine new employees. The company had to lay off nine employees due to the economic slowdown with the pandemic.
“This loan will help pick up everything in late 2022,” she said.
The county IDA’s Board of Directors unanimously…