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Bailey Manufacturing receiving $500,000 loan from IDA

The largest employer in Forestville will be receiving a loan from the Chautauqua County Industrial Development Agency.

The CCIDA has worked with Bailey Manufacturing since 2010 to facilitate an acquisition, which would solidify Bailey Manufacturing’s presence, and employment in Chautauqua County now and for years to come. Bailey Manufacturing Company, LLC serves the global automotive industry and specializes in manufacturing of CNC precision-machined parts, metal stamping, molds, tumbling and rustproofing of parts, and tooling. The company has 60 employees and anticipates adding six new jobs through expansion and increased business.

On Tuesday, the CCIDA Board of Director’s approved a $500,000 AL Tech Loan for a 10-year period. This loan was for the acquisition of the remaining 49 percent ownership of Bailey Manufacturing Co., LLC from John Hines’ partner, Megatech Corporation.

CCIDA Chief Financial Officer Rich Dixon said, “It was our pleasure to assist John with financing to complete the acquisition, and look forward to Bailey Manufacturing’s continued local operation for years to come.”

This project was brought to completion through a collaborative effort with the CCIDA, Empire State Development, Southern Tier Enterprise Development Organization, and Western Region Corporation. Giving credit to the CCIDA for their financial and technical assistance, John Hines said, “We couldn’t have done this without the CCIDA’s help.”

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