GBBDC and Solvay Bank provide financing for Omnicor's building purchase

Omnicor Biomedi­cal Services, Inc. is a leader in biomedical services, rentals and sales in NYS. Owned by James Bogett, the company provides a variety of services for the biomedical industry including repair, preventative mainte­nance, field service, equipment rental and sales. Omnicor had outgrown their 2,800 s/f previously leased space. Through a contract with the Home Builders Association of Central New York, a 3,600 s/f building was constructed to their specifications. This new construction allowed Bogett to keep his compa­ny in town. The purchase of the new building was made possible through the assistance of Solvay Bank and the Greater Syracuse Business Development Corp. (GSBDC). The building will provide sufficient capacity for their current and future needs. To assist with the building acquisition, GSBDC provided a fixed-rate SBA 504 loan for 40% of the total project costs as well as the interim financing. Bogett said, "The GSBDC application process was extremely simple and quick. All of the representatives were very cour­teous and helpful throughout the process. Without GSBDC the acquisition of our new facility probably would not have happened." Solvay Bank provided financing for 50% of the total project costs in a first mortgage position. Omnicor currently employs ten and expects to hire three additional technicians as a result of this expansion. According to Dennis Coon, VP at Solvay Bank, "From my first meeting with Jim Bogett, I had confidence in the expertise in his field and ability to run his business. I was impressed with his organizational skills while working out of such limited space. I felt it was important to involve GSBDC early, while still in the proposal stage. I believe this makes the application process go much smoother. Bogett was cooperative and responsive throughout the loan approval process. Jim has achieved his goal in relocating his company to his new facility, which will allow him to grow his business and add new employees. It was a real plea­sure working with Jim and the staff at GSBDC."