GSBDC Assists Selflock Screw Products

Posted 11.23.11

Loan: SBA 504

The Greater Syracuse Business Development Corporation (GSBDC) recently provided an SBA 504 loan to Selflock Screw Products Company, Inc. (SSP) for the purchase and renovation of the former G.A. Braun manufacturing facility at 461 East Brighton Ave., Syracuse, NY.

The 60,547 sq. ft. building has given SSP the opportunity to set up efficient workflow for their processes, with space to add additional equipment and product lines in the future.  Their existing machinery and equipment was moved from their previous location, recalibrated and installed at the new site after performing electrical upgrades.

Established in 1920 as the Selflock Nut & Bolt Co., the company produced fasteners with a patented vibration resistant thread.  The company has made a successful transition from a local to nationwide customer base. A new precision cleaning system has given SSP a tremendous competitive advantage, with a product that is advertised as “Clean Enough for the Dinner Table”.   Their customers can use their parts right out of the box without first cleaning them.  The growth in SSP is a result of a transition from manufacturing just screws to making parts for a vast array of related equipment, promoting further diversification of their product mix and the business sectors they sell to.

The SBA 504 program provided a 20 year fixed rate second mortgage with Alliance Bank, N.A. providing financing in a first mortgage position.  Robert Markowski, Vice President, Commercial Banking commented, “Alliance Bank appreciates the assistance provided by the GSBDC to allow us to put a competitive financing package together for Selflock Screw Products.  They were able to purchase a much needed building, allowing a local company the opportunity to continue to grow and expand right here in Syracuse”

The company is owned by Dan Kuhns, VP of Sales and Tracey Kuhns, Secretary.  David Freund, its President added “GSBDC and Alliance Bank worked so well together to make this process as easy as possible. We’re very excited to be in our new facility as we begin our 92nd year in Central New York.”

SSP currently has 35 full time employees.  It is anticipated that they will hire eight additional employees within the next two years as they expand their production capacity.