BOONVILLE — Nirvana, Inc. will receive a $4.3 million Small Business Administration loan to expand the business and create 60 new jobs.
The bottled-water company sought the loan in order to add new equipment, which will allow the company to complete more bottling and packaging operations at its Oneida County facility rather than contract for those services elsewhere. Nirvana will move those operations inside its Boonville facility, allowing the company to increase its production by 8 million cases to 20 million cases of bottled water a year.
“With this kick start, Nirvana Water will immediately begin adding jobs to Central New York at a time when we could really use them,” U.S. Sen. Charles Schumer said in a release announcing the loan.
(Sponsored)
How Technology Management Can Expedite Your Business Growth
Many business leaders find themselves asking the same question: “How do I foster growth for my company?” The answer typically yields many paths and variables both controllable and uncontrollable. Technology
Inflation and Insurance Rates: How to Offset the Impact
Many industries have been hit by inflation where it hurts the most, our pockets. Inflation is raising the price of goods and services including food, housing, transportation, and medical care.
Nirvana, founded in 1998, sought the loan in conjunction with its own private investments and loans, and Schumer helped bring Nirvana together with the New York Business Development Corporation (NYBDC), which serves as a complement conventional banking. NYBDC helped Nirvana secure a federally guaranteed long-term loan for the new equipment.
The production expansion is part of Nirvana’s strategy to put the focus on its own brand through in-house manufacturing by bringing outsourced production methods, such as aspects of bottle manufacturing, and bring them to the Boonville plant. Nirvana officials said the changes will make the company more competitive, save the company millions of dollars a year in overhead costs, and add more jobs.
Contact DeLore at tgregory@tmvbj.com
