SLC Local Development Corp. declares irrecoverable delinquent loans to companies of Massena and Madrid | Business
TOWNSHIP – St. Lawrence County Local Development Corp. voted to declare two overdue loans uncollectible, but she will continue to be repaid.
LDC’s board resolution, passed at a meeting Tuesday morning, said Massena-based BH Trailers owe $ 10,591 on a $ 15,000 loan issued in 2018. Gordon’s Frame to Finish, based in Madrid, owes $ 19,863 on a 2012 $ 20,000 loan. Both balances include late fees and penalties, according to the resolution.
LDC’s board of directors passed the resolution after a brief closed-door session “to discuss the credit history of particular companies,” which is permitted under the New York State Open Meetings Act. . The resolution declaring the bad debts removes them from the LOC’s balance sheet.
“These debts have not been extinguished and if at any time the situation of any of the borrowers should change, SLCIDA-LDC will pursue and accept payments on these accounts,” the resolution said.
In 2017, Brian Hardie of BH Trailers said he hoped to employ up to 27 people at his company in Massena Industrial Park.
At the time, he said the company would focus on manufacturing the EZ Back trailer, which was designed to prevent reverse jackknifing. When he made the comments in December 2017, Mr. Hardie said he had “an order for about 200 trailers per month, starting in January.”
A Google search for Gordon’s Frame to Finish gives little information. The company is located at 1938 Route 345 in Madrid. According to the business directory on 411.info, products sold include additions, garages, heating, doors, windows, flooring, siding, decks, plumbing and roofing.