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CRDC Provides Gap Financing to a Leading Manufacturer of Orthopedic Products
The Capital Regional Development Council (CRDC), recently closed a deal to help support a leading manufacturer expand its corporate headquarters. Corflex, a  manufacturer of orthopedic

The Capital Regional Development Council (CRDC), recently closed a deal to help support a leading manufacturer expand its corporate headquarters. Corflex, a  manufacturer of orthopedic rehabilitation products is a well known name and respected brand in the orthopedic industry.  Over the last decade, Corflex experienced a surge in national sales and distribution increasing their need to expand their Manchester based office.

A strong strategic vision, smart financial planning, and patience allowed brothers, and co-owners, Paul and Ted Lorenzetti to develop their now 29,000 sq ft building in stages. The most recent addition and probably the most crucial to Corflex’s operations is the 9,000 sq ft. expansion of their manufacturing center and warehouse. “We are exactly where we want to be, it took us time but we are finally here,” said Paul Lorenzetti, Corflex CEO.

 “The expansion has enabled us to provide more room in critical areas like our manufacturing operation. More space means we could hire more employees. We have increased our labor force from our original 18 to 55 employees. Corflex has worked hard over the years to become one of the leading distributors of orthopedic rehabilitation products. We thank CRDC and Centrix Bank for helping us through the financing of this final stage of our expansion project.”

 “This was a great project to get involved in,” said Stephen Heavener, CRDC Executive Director. “These are the types of loans where we can deploy financing from other programs besides our popular SBA 504 loans. Funds for this loan came from the U.S. SBA Intermediary Lending Pilot Program (ILPP). The ILPP loan program permits direct lending in cities that have a population of 25,000 or greater and allows small businesses to use the loan proceeds for working capital, real estate, or the acquisition of materials, supplies or equipment.”

“We were very pleased to support Corflex through the final stage of their expansion plan,” said Wayland Elwood, VP, Commercial Loan Officer for Centrix Bank.  “They are a well-managed company and we wish them continued success in their mission to remain a leading distributor of orthopedic rehabilitation products around the world.”

“We were very happy with the financing process,” added Lorenzetti. “As with any loan there is paperwork but CRDC and Centrix really collaborated to make this a seamless process for us, allowing us to stay focused on our business.

PHOTO: CRDC's Stephen Heavener and Jennifer Boulanger with brothers and Corflex Owners, Ted and Paul Lorenzetti.



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