The Jefferson County Industrial Development Agencys loan review committee approved a $1.5 million loan Tuesday for Hi-Lite Airfield Services, Adams Center, which needs extra cash flow to expand operations.
That low-interest loan, which would include matching amounts of $750,000 from the JCIDA and Jefferson County Local Development Corp., will be considered by the agencys respective boards Thursday for approval.
The move comes after the company announced this month it will receive more than $7.1 million in loans through the U.S. Department of Agricultures Rural Development program to buy new equipment and create up to 10 jobs. The company will buy two large water blasters and other equipment that will help it expand operations.
Hi-Lite in the process of refinancing its operations and needs extra cash flow now because it is receiving relatively low revenue during the season, said Donald C. Alexander, JCLDC CEO. The company is expected to pay back the loan in 180 days, he said.
Theres a cash-flow time between the purchase of equipment and the time you see the payback, he said. Theyre growing, but at the same time theyre now seeing their cyclical slowdown during the season.
The company, which offers airfield maintenance services across the U.S. and internationally, has offices in Texas, Florida and Puerto Rico, with international locations in Canada, Ecuador and the United Arab Emirates. Hi-Lite now has more than 100 employees, Mr. Alexander said.