MANCHESTER, N.H. — Sterling Linen Services, a company that provides laundry services to institutional customers in the Manchester area, has received a $100,000 loan from the city’s Economic Development Office (MEDO). Leveraging the loan funds, Sterling Linen expects to add 35 jobs.
“The City of Manchester has been a great supporter of our business over the past four years,” says Dennis Kim, co-owner of Sterling Linen. “We’re particularly thankful to the Economic Development Office for their assistance in identifying the City’s Revolving Loan Fund program as a great medium to fund further expansion of our business in Manchester.”
Sterling Linen, one of the largest commercial laundries in New England, was previously known as Bird Bath Commercial Laundry.
The $100,000 loan will help fund working capital and the acquisition of important equipment key to Sterling Linen’s expansion. In addition, as the company leverages RLF funds to facilitate its growth, up to 35 new jobs will be created over the next two years.
The Revolving Loan Fund was established by the City of Manchester in 1996, using allocations of Community Development Block Grant funds and repayments from existing loans.
RLF loans typically provide “gap” financing to help cover the difference between available private financing and the total amount needed for qualifying proposals.
Earlier this year, the Manchester Development Corporation (MDC) recapitalized the fund through a $400,000 investment.
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