GSBDC Finances Acquisition of Facility for Metal Fabricator

The Greater Syracuse Business Development Corporation, the loan servicing arm of the Greater Syracuse Chamber of Commerce, provided a $677,000 SBA 504 loan to Specialty Welding & Fabricating of NY, Inc. owners Randy Stier and Mike Murphy.

With their new finance package in hand, Stier and Murphy purchased a 133,000 sq. ft. building at 1025 Hiawatha Blvd. East in Syracuse. Previously, they rented space in five different buildings. Stier and Murphy said, "Our goal has been realized, thanks to the GSBDC, M&T Bank, Syracuse Economic Development Corp. and the Empire State Development Corp. The consolidation of locations has increased floor space and allowed for the acquisition of a second laser machine, both of which will contribute to our continued growth."

The SBA 504 program provided a 20 year fixed rate second mortgage on the project with M & T Bank providing financing in a first mortgage position. Lee DeAmicis, Administrative Vice President, Business and Professional Banking at M&T Bank said, "We are pleased to provide the financing for Specialty Welding that allowed expansion of its manufacturing capabilities in Central New York. The package provided by M&T Bank, GSBDC, Empire State Development and SEDCO should permit this growing manufacturing company to add 30 to 50 jobs over the next three years." In addition to the SBA 504 program, SEDCO provided $50,000 in a subordinate position to assist with the real estate acquisition.

Specialty Welding & Fabricating of NY, Inc. was founded in 1990 by Randal Stier and Michael Murphy. The company specializes in metal fabrication for commercial and industrial customers worldwide.