Completed in partnership with Wayne Economic Development Corporation.
Object Chemistry LLC is a start-up Northeast Pennsylvania; Wayne County, based furniture finishing manufacturing firm. The entity will address the noted need, by the borrower, for high quality, streamlined and affordable fine finishing, spray coatings and on-demand manufacturing solutions. The long term plan for the entity is to capture 15% of the Tri-State area’s commercial finishing market by 2024. Object Chemistry also plans to be recognized as the number-1 solutions providers for independent designs and brands requiring small-run, on-demand wood furniture manufacturing. Object Chemistry’s overall objective is to be a high end furniture finisher and to oversee custom furniture manufacturing process acting as a manufacturing management entity to firms and individuals in need of the full-service management of the entire fabrication and finishing process
NEPA Alliance, in partnership with The Dime Bank and WEDCO, provided a loan to Object Chemistry, LLC to purchase equipment to be used at their lease located and soft costs. NEPA Alliance provided a USDA RMAP loan totaling $50,000 for a term of 5 years with an interest rate of 3.75%. Other financing was provided by The Dime Bank totaling $50,000 for 66 months and an owner’s injection of $22,510.
Object Chemistry, LLC was referred to NEPA Alliance by Wayne Economic Development Corporation. The borrowers had secured financing from The Dime Bank for equipment at their location but were still in need of additional financing for more equipment. WEDCO referred the borrowers to NEPA Alliance and offered support throughout the underwriting and approval process. Without the referral of this project to NEPA Alliance from WEDCO, the borrowers would have not been able to secure economic development dollars for their start up manufacturing facility.
The project is to purchase equipment and working capital to be used in a leased location that is located at 18 Riverside Drive, White Mills, Wayne County, PA 18473. The location is only one turn off Route 6, making it easily accessible for vehicles and larger trucks. The location is 5.5 miles from the center of Honesdale. The project also contains job creation as the owners have noted the creation of 8 skilled laborer positions in rural Wayne County and will stimulate manufacturing in Northeast Pennsylvania as the have a built in supply chain from the entity they are leasing from.