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)
Unique Ways to Save Money As You Upgrade Your Business Technology
It’s no secret that innovating is the key to business growth and prosperity. To stay competitive, businesses must continually seek new technologies to enhance productivity. However, the issue of cost
What is Fiducuary Liability and how does it affect you and your business?
Managing a company’s insurance needs can be complex and stressful. It doesn’t need to be when adding certain specialty insurance products, like fiduciary liability insurance. It protects the sponsoring company;
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
