GSBDC Finances Building Purchase for Omnicor Biomedical Services, Inc.

Posted 02.01.09

Loan: SBA 504

Established in 1991, Omnicor Biomedical Services, Inc. is the leader in biomedical services, rentals and sales in New York state. Owned by James Bogett, the company has offices in both Syracuse and Buffalo. They provide a variety of services for the biomedical industry including repair, preventative maintenance, field service, equipment rental and sales. Omnicor strives to provide the highest quality of service and solutions to their clients who consist of private doctor and dental offices along with hospitals and other large medical facilities. They have been named as the top service provider in their field for the last three years by Health Care Provider, a New York state trade magazine distributed to physicians.

Omnicor had outgrown their 2,800 sq. ft. leased space in Camillus and felt their efficiency was compromised. Through a contract with the Home Builders Association of Central New York, a 3,600 sq. ft. building was constructed to their specifications. This new construction allowed Bogett to keep his company in Camillus where he also resides. The additional space gives them the ability to do more repair work on location and inventory additional equipment for rent and sale, providing greater value to their clients. The building also includes a three-bay garage to house the repair vehicles. Repair work is performed by highly trained technicians who hold certifications from a variety of manufacturers using state of the art testing equipment.

The purchase of the new building was made possible through the assistance of Solvay Bank and the Greater Syracuse Business Development Corporation (GSBDC). The building will provide sufficient capacity for their current and future needs. To assist with the building acquisition, GSBDC provided a fixed-rate SBA 504 loan for 40 percent of the total project costs as well as the interim financing. According to Jim Bogett, Omnicor president, “The GSBDC application process was extremely simple and quick. All of the representatives were very courteous and helpful throughout the process. Without GSBDC the acquisition of our new facility probably would not have happened.”

Solvay Bank provided financing for 50 percent of the total project costs in a first mortgage position. According to Dennis Coon, vice president, “From my first meeting with Jim Bogett, I had confidence in the expertise in his field and ability to run his business. I was impressed with his organizational skills while working out of such limited space. I felt it was important to involve GSBDC early, while still in the proposal stage. I believe this makes the application process go much smoother. Bogett was cooperative and responsive throughout the loan approval process. Jim has achieved his goal in relocating his company to his new facility, which will allow him to grow his business and add new employees. It was a real pleasure working with Jim and the staff at GSBDC.”

Omnicor currently employs ten and expects to hire three additional technicians as a result of this expansion.