Bailey Manufacturing in Forestville, NY (Google Maps)
A Forestville company is receiving support to build a new warehouse building.
The Chautauqua County Industrial Development Agency board approved a $130,000 loan to Bailey Manufacturing for the new building.
Bailey Manufacturing is a minority-owned manufacturer, providing metal stamping, machining, welding, and assembly services. A majority of its revenues are derived from supplying auto parts that eventually become components of the major auto manufacturers, serving primarily the United States, Mexico, China, and South Africa.
The approved loan will be utilized to erect a 7,000 square-foot pre-fabricated warehouse building adjacent to the existing manufacturing operation. The warehouse is needed due to business growth, with the existing plant no longer able to house all of the raw materials, finished goods, and manufacturing operations. Bailey Manufacturing also currently leases two out-of-town warehouses, creating logistical challenges for the manufacturer.
Once complete, the project will help to retain 65 existing, permanent jobs and also create two additional jobs. Currently, the company also has 19 temporary positions.
The terms of the CCIDA real estate loan is $130,000 at 4.00% for 10 years.
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