Manufacturing is alive and well in NYS thanks to entrepreneurs who are innovative, tenacious and creative. An example of one 45 year-plus company is Hyde Park Moldings. Hyde Park Moldings was established in 1962 by the father of the current owner. It manufactures architectural and ornamental plaster, crown moldings, cove moldings, ceiling medallions and decorative moldings such as chair rail panel moldings, wall and window trim, columns and pilasters, corner blocks, wall plagues, fireplace surrounds, brackets, and overdoors. The company has operated out of two locations in the NY metro area, Poughkeepsie NY and LI City NY.

          As with many manufacturers operating in NY, Hyde Park was approached by other lower cost states to move its operations. Owner David Nassim decided to stay in NY due to loyalty, the skills of NY based workers and the proximity of suppliers and customers. Once he made that decision, he needed to find a suitable location where he could consolidate his operations and make them more efficient. The chosen location turned out to be Hauppauge Long Island (Town of Smithtown).

          The next step after finding a location was figuring out how to finance it in a way that would not deplete the company’s working capital as it moved and expanded its operations. David worked with his bank, Citibank, to come up with creative solutions. The end result was a financing package which allowed him to purchase and renovate the property for minimal cash down. Citibank agreed to a loan for 50% of the total project cost (including soft costs). Long Island Development Corporation (LIDC) was brought in to provide a second mortgage loan for 40% of the project cost. And … David put down just 10% with the cash saved being used for working capital and to hire 10 new workers.

          By solidifying the location in NY and seeking creative solutions to make it affordable and make the company more efficient in its operations, Hyde Park Molding will be able to surpass its 45 year record of success. As LIDC lender Charles Schreiber said, “Manufacturing in NY can be challenging in these times. But business owners like David Nassim can meet that challenge head on with creative solutions such as below prime fixed rate financing from LIDC, and other incentives offered by the region. It just takes a willingness to be open to new ideas and to seek advice from ones banker and other resource partners.”