Manchester, NH (September 7, 2005) - Bradford Networks of Concord, an industry leader in developing innovative security and policy enforcement solutions for enterprise networks, is expanding its headquarter operations and its staff thanks to Citizens Bank's Job Bank program. Citizens Bank New Hampshire President and CEO Thomas Metzger today announced that Bradford Networks will borrow $1.2 million from the Citizens Job Bank to relocate its corporate headquarters to 162 Pembroke Road in Concord, which will support the creation of 30 new jobs.
"We have experienced year-to-year revenue growth of 150 percent," said Mike Gadoury, Founder and CEO of Bradford Networks. "This loan from Citizens will enable us to relocate to a larger headquarters facility in Concord, and to double our current staff. We are preparing the company to aggressively meet the needs of our current and future customers."
At a news conference today, Bradford Networks celebrated the grand opening of its new 24,000-square-foot state-of-the-art corporate headquarters facility. This new facility features an expansive engineering test and integration lab, training room and office space.
According to Gadoury, Bradford Networks has just completed a banner year of growth, due in part to its flagship product, Campus Manager.
"Campus Manager has gained wide acceptance in many colleges and universities to help enforce security policies, register users and enforce acceptable use policies, and has contributed greatly to our recent successes," said Gadoury.
The Citizens Job Bank, a public-private partnership created in conjunction with Gov. John Lynch, is a $100 million loan fund designed to create new jobs in New Hampshire by providing low-rate financing. The first of its kind in the Granite State, the Citizens Job Bank will help create more than 2,500 new jobs in New Hampshire and throughout New England.
"Attracting and retaining good jobs for the people of New Hampshire is one of my top priorities. Public and private support of growing companies like Bradford Networks is vital to expanding New Hampshire's economy," said Lynch. "I commend Mike Gadoury and the other principals of Bradford Networks for creating new jobs in New Hampshire, and thank Citizens Bank for its help in making it possible."
The loan pool requires borrowers to create a minimum of one full-time job for every $40,000 borrowed at the fixed interest rate of 3.50 percent (3 percent below prime). The terms of the loan will require that the specified jobs be created within three years after the funds are borrowed.
"Bradford Networks is a model company, whose success contributes to the economic vitality of the state," said Thomas Metzger, president and CEO of Citizens Bank New Hampshire. "Citizens Bank is proud to join Governor Lynch in supporting Bradford Network's continued growth in our state."
The minimum loan size is $240,000 and the maximum is $10 million. Companies eligible for the program include any public or privately owned business in a broad array of industry sectors, including manufacturing and industrial.
According to Metzger, "the loan fund provides growing companies the capital they need at the unmatched fixed interest rate of 3.5 percent, enabling them to add personnel, expand facilities and add or upgrade machinery and equipment."
The New Hampshire Department of Resources and Economic Development is administering the loan program through its Business Resource Center and conducting annual audits to certify that borrowers fulfill job creation commitments.
"Today's announcement represents the continued progress of the Citizens Job Bank program," said Stuart Arnett, Director of the New Hampshire Division of Economic Development. "Bradford Networks is a wonderful example of the vibrancy of New Hampshire's business community and positive economic climate."
The Business Resource Center is also marketing the unique program to companies already in New Hampshire and those businesses considering relocating to the state. Companies interested in obtaining more information about the program can log on to www.NHeconomy.com or contact the NH Business Resource Center office at (603) 271-2591 or call Citizens Bank at 1-888-358-0100.
Citizens Bank New Hampshire, with 76 branches and 168 ATMs, is a $9 billion state-chartered, full-service commercial bank headquartered in Manchester. It is a subsidiary of Citizens Financial Group, Inc., a $148 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,600 branches, approximately 3,100 ATMs and more than 27,000 employees in a 13-state retail branch network and non-branch offices in more than 30 states. Citizens is the eighth-largest commercial banking company in the United States ranked by deposits. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).