SBA cites Rome firm’s guaranteed line of credit
The first small business locally to receive a guaranteed line of credit through the Small Business Administration’s revamped CAPLines program is on the fast track to expansion in Rome, SBA officials announced.
Based in Rome since 1985, Advanced Automation Corp., 201 Mill St., provides professional engineering services for federal agencies such as the federal Departments of State, Defense and Homeland Security. After facing sharp cuts in its unsecured credit lines during the credit crunch, the company was better able to compete for new contracts with the $350,000 SBA-backed line of credit from Oneida Savings Bank in March.
The company has hired four employees since then and plans to add three more this month.
The CAPLines program is especially useful for small businesses in the contracting field that need access to capital to hire employees and purchase inventory or equipment to meet contract requirements, SBA officials said.
On the net: www.aac-usa.com