A growing manufacturer of baby wipes, diapers and feminine hygiene products has received approval for a $3 million state loan to purchase a building in Hauppauge.
Premier Care Industries Inc., of Hauppauge, will use the 20-year loan, with a fixed 3.99 percent interest rate, to help fund an $8-million plan to consolidate four facilities into two: 150 Marcus Blvd. and 100 Oser Ave., both also in Hauppauge.
The loan will cover 40 percent of the purchase price for 150 Marcus Blvd., which once was home to electronics distributor Audiovox.
The remaining funds will come from a $3.9 million loan from Bank of America and $780,000 from the company.
The loan was unanimously approved by the state Job Development Authority’s board this week. The approval is contingent on Premier Care providing loan guarantees and agreeing not to take on more debt.
Ray Salaberrios, a state economic development official, told the JDA board on Monday, “The company is fiscally strong and can handle the proposed debt.”
He also said Premier had applied for a JDA loan about 10 years ago but couldn’t reach agreement on loan guarantees and other contingencies with the state.
Salaberrios said Premier had exceeded its 2014 promise to create 23 jobs in return for $300,000 in state tax credits over a number of years. It now has 80 full-time employees and plans to hire 35 more in five years with the building consolidation, according to state records.
On Thursday afternoon, the Suffolk County Industrial Development Agency is expected to give final approval for up to $590,000 in tax breaks over 10 years to Premier. Last month, the company sought the aid to expand here instead of in New Jersey or Pennsylvania.
IDA records show that Premier employees, on average, earn $32,700, excluding medical and retirement benefits.