GREENWOOD — BizCapital, the small business lending division of Advantage Capital Partners, has provided an SBA 7(a) loan in the amount of $1.6 million to S&N Airoflo Inc., a manufacturer of an energy-efficient aerator used for the treatment of municipal and industrial wastewater.
The funding will be used to refinance existing debt and support the company’s continued growth, including the retention of 18 employees in a low-income community.
S&N Airoflo, based in Greenwood, manufactures, distributes, installs, repairs and maintains wastewater treatment equipment for its customer base, which is composed mainly of government municipalities. The company currently does business in 40 states.
“When our traditional lender refused to extend our line of credit, BizCapital provided the funding we needed to maintain operations,” said Buster Norris, president of S&N Airoflo. “Their willingness and capacity to offer financing when others had turned us away means we can expand our reach and retain our employees, even during these challenging economic times.”
BizCapital’s investment in S&N Airoflo was made in connection with the federal New Markets Tax Credit program and the Mississippi New Markets Development program.