JEDA Bond Funding Helps Testing-Materials Company Expand High Purity Standards
December 15, 2010
NORTH CHARLESTON, SC – December 15, 2010 – Bond financing facilitated by the South Carolina Jobs-Economic Development Authority (JEDA) will help a scientific testing supplies manufacturer expand its operations.
The $2 million in economic development revenue bonds will be used by High-Purity Standards, Inc., to build and equip an 18,500-square-foot manufacturing facility at 7221 Investment Drive in North Charleston that will provide expanded manufacturing space, including a specialized lab for hazardous materials and additional fume hood space.
Celebrating its 20th anniversary this year, High-Purity Standards makes single and multi-elemental standards, including specialized chemical mixes and filters, for the calibration of analytical instruments. The bonds will help the company create a new line of products while maintaining 36 existing jobs and creating eight more for chemists and sales people over the next five years.
“Without this kind of innovative bond funding, it would be very hard for a relatively small, science-based operation like ours to get the financing to expand in today’s lending environment,” said Connie Hayes, CEO, High-Purity Standards.
“High-Purity Standards is representative of the type of projects we need in South Carolina. It’s a manufacturer and a knowledge-economy company that employs highly educated and skilled individuals. Having a role in making this project a reality is gratifying,” said Bond Counsel Jeremy Cook, a shareholder of Haynsworth Sinkler Boyd, P.A., in Charleston.
“Helping small businesses finance their dreams of expansion has been a major focus for JEDA since we were created more than a quarter century ago. We’re pleased to be able to add High-Purity Standards, a homegrown local enterprise, to that list,” said Harry Huntley, Executive Director of JEDA in Columbia.
AboutJEDA
Formore than 25 years, JEDA has promoted the business and economic welfare ofSouth Carolina by assisting in the financing of public and privateprojects throughout the Palmetto State. JEDA serves as a statewide conduitissuer of special obligation revenue bonds and acts on behalf of theborrower to access financial markets and capital. Since its creation in1983, JEDA has facilitated the issuance of 400 bonds totaling more than $7billion and resulting in the creation of more than 25,000 jobs.
Formore information regarding JEDA, please visit our website at www.scjeda.com or contact Harry A. Huntley, CPA, Executive Director, at (803)737-0268 or [email protected].
