Thursday January 6, 2011

IDA Commemorates 25 Years of Lending in Oswego County

Majestic Mold and Tool was first loan issued

    In 1985, Majestic Mold and Tool opened its plastic injection mold manufacturing business in the village of Phoenix with five employees.

    To facilitate the start-up of the business, Majestic Mold and Tool became the first business financed by the County of Oswego Industrial Development Agency utilizing its revolving loan program.

    Twenty-five years later, Majestic Mold and Tool now has 15 employees and is operated by three partners, including Timothy King, president; Dennis Lyons, vice president; and Stephen Corrsette, vice president.

    The company's capabilities include the design and build of precision plastic and die cast molds, including welding and repair; complete electric discharge machining service; electrode fabrication; wire EDM; and high speed milling.

    Other services available are prototyping of all types of molds, part models in plastics resins, as well as specialized and general machining.

    It also provides pick-up and delivery service for customers in Central New York and some surrounding areas.

    "Majestic Mold & Tool's goals are to be efficient, innovative and timely in order to be successful in producing a high-quality mold that meets our customer's standards. We stay competitive in the injection molding industry by upgrading and obtaining a machinery inventory of the newest technology available," King said.

    "The financial assistance we received from the IDA was critical to the start-up of the company and the operation of the facility. It is an important asset to the business community," King added.

    The IDA was formed in accordance with New York State Municipal Law by the Oswego County Legislature and serves to enhance and encourage capital investment by new and expanding businesses in Oswego County. Since its first loan to Majestic Mold & Tool, the IDA has issued over 250 loans totaling more than $24 million.

    The IDA targets financial assistance to small businesses and key industry clusters that are critical to Oswego County's economy, including manufacturing, health care, education, tourism, energy, and agribusiness.

    It has assisted many businesses and organizations, large and small, throughout Oswego County, including recent loans to Barnett Forest Products, BioSpherix, Buttolph Lumber, Great Lakes Recycling, Mitchell's Speedway Press, Oneida Lake Ready Mix, Oswego County Opportunities, Red Sun Fire Roasting Company, Stability Fitness, Steven's Auto Store, Bardy's 4 Seasons and HealthWay.

    "For the last 25 years, the IDA has been working to stabilize and diversify Oswego County's economy by facilitating the attraction of new businesses and the retention and expansion of existing businesses all of which have the potential to create new employment opportunities," said Carolyn Rush, chair of the IDA Board of Directors.

    "The board is very proud to provide financing to companies like Majestic Mold & Tool who have had continued growth in both employment and innovation for many years," Rush said.

    In addition to Rush, the IDA's Board of Directors includes Gary Toth, vice chair; Jonathan Daniels, Donald Kunzwiler; Arthur Ospelt; H. Leonard Schick; and Morris Sorbello.

     L. Michael Treadwell, executive director of OOC, serves as chief executive officer of the IDA, and David Dano, also of OOC, serves as chief financial officer.

    OOC is Oswego County's designated economic development agency and is under a contractual agreement to provide administrative and staff support for all aspect of IDA business operations.

    For more information about the IDA, visit www.oswegocountyida.org.

    Visit www.majesticmold.com for more information about Majestic Mold & Tool.