FITCHBURG, Mass., April 24, 2020 (GLOBE NEWSWIRE) -- Micron Solutions, Inc. (OTCQB: MICR), a diversified contract manufacturing organization, through its wholly-owned subsidiary, Micron Products, Inc., producing highly-engineered, innovative components requiring precision machining, injection molding and assembly services, announced today it received a $1.2 million loan (the “SBA Loan”) under the Paycheck Protection Program contained in the Coronavirus Aid, Relief and Economic Security Act (“CARES ACT”). The SBA Loan was obtained from Rockland Trust in Massachusetts.
The SBA Loan has a two-year term with a fixed rate of one percent (1%) per annum and up to 100% of the SBA Loan may be forgiven based on the amount of funds used during the first eight week period following the loan origination date used towards payroll, rent and utilities, calculated in accordance with the requirements of the Paycheck Protection Program, including provisions of Section 1106 of the CARES Act.
“During these unprecedented times, we are grateful for the support of Massachusetts Senator Tran, Massachusetts Representative Hay and Fitchburg Mayor DiNatale. The expeditious actions by the U.S. Small Business Administration implementing this loan program in response to the COVID-19 pandemic is tremendously helpful. As a Massachusetts designated “COVID-19 Essential Services” provider, this SBA Loan improves our ability to fund operations with certainty while supporting our critical workforce,” said Bill Laursen, President and CEO of Micron.
Wayne Coll, Micron’s Chief Financial officer said, “I’d like thank Rockland Trust for its timely communication, loan processing efficiency and round-the-clock customer service that resulted in Micron receiving its SBA Loan.”
About Micron Solutions, Inc.
Micron Solutions, Inc., through its wholly-owned subsidiary, Micron Products, Inc., is a diversified contract manufacturing organization that produces highly-engineered, innovative medical device components requiring precision machining and injection molding. The Company also contract manufactures components, devices and equipment for military, law enforcement, industrial and automotive applications. In addition, the Company is a market leader in the production and sale of silver/silver chloride coated and conductive resin sensors used as consumable component parts in the manufacture of integrated disposable electrophysiological sensors. The Company’s strategy for growth is to build a best-in-class contract manufacturer with a specialized focus on plastic injection molding and highly-engineered medical devices and components requiring precision machining.
