SEDA-COG recently assisted Actuated Medical, Inc. and Brave Stream LLC with a SEDA-COG EDA COVID-19 loan, a SEDA-COG ARC RLF loan, and a SEDA-COG IRP loan.
Actuated Medical, Inc. is a business based out of Bellefonte that strives to improve patient outcomes by designing the next generation of innovative and advanced medical devices.
The SEDA-COG EDA COVID-19 loan was for the purchase of new equipment. The new equipment will enable them to grow their machining capabilities, expand their neural device and endoscope research, and update some older equipment. The COVID loan was also for working capital to facilitate their ability to build inventory on a new product they have developed. The SEDA-COG ARC RLF and IRP loans were for property renovations that were completed by Weston Construction of Milesburg.
“For more than 12 years, Actuated Medical has been located in 2 buildings. The SEDA-COG loans have enabled us to upgrade the facility and co-locate our team in one larger building. This is allowing us greater team interaction to innovate medical devices that improve patient outcomes. The funds have also been used to purchase advanced equipment to enhance our development capabilities and grow our contract services business,” said Maureen L. Mulvihill, Actuated Medical President & CEO
SEDA-COG partnered with Jersey Shore State Bank on this project. The SEDA-COG loans offered the borrower low-interest fixed rates for their financing needs.
John Reichard, SEDA-COG Business Relationship Manager worked with Mulvihill and Trevor Stark, Commercial Lender at the North Atherton Street State College Branch of Jersey Shore State Bank, to bring this financing package to fruition.
Reichard said, “SEDA-COG is pleased to assist in the continued growth of Actuated Medical. The fixed rate loans we were able to provide will give the company some stability given the uncertain economic conditions and continued high inflation impacting small businesses.”
As a community and economic development agency, SEDA-COG enhances the quality of life and economic advantage for residents and businesses in 11 central Pennsylvania counties through its vital partnerships and initiatives. SEDA-COG also is an advocate for the interests of its communities at the state and federal levels. For more information, visit www.seda-cog.org.