News Column

Nashua recruiting firm gets 100K in revolving-loan funds

February 3, 2014

By Bradford Randall, The Telegraph, Nashua, N.H.

Feb. 03 -- NASHUA -- A city recruiting company has been selected as the recipient for $100,000 in "working capital" from the Greater Nashua Revolving Loan Fund , doubling the company's available funds at an interest rate of 6.50 percent. The Concord Street company, Unique System Skills LLC , was selected for the revolving loan among 11 applications and signed into a 60-month repayment schedule. Unique System Skills, LLC , owned by husband and wife Shweta and Santosh Salvi , "serves multi-billion dollar offering human resource consulting (and) executive search assistance," according to its application for city funds. The company, founded in 2008, has offices in Nashua and India . The company plans to use the money "to fund existing payroll" and fill two positions, a business development manager and a marketing director, according to the company's application. The company's minority owner, Santosh Salvi , is listed as the only person in the company whose salary will be supplemented will the grant money. The Greater Nashua Revolving Loan Fund was first established in 1994 and managed by the Center for Economic Development . Six years later, custody of the fund was transferred to the city of Nashua and placed under the management of a loan officer consultant. Since 2009, the loan has been managed by city staff alone. As of July, the Greater Nashua Revolving Loan Fund had nine loans outstanding and $265,000 in available cash to lend. Unique Systems Skills, LLC , received the revolving loan fund money in January. Since the fund's inception, the Greater Nashua Revolving Loan Fund has issued 39 loans, with amounts running up to $100,000 , at a total amount of $2,850,000 loaned. Before January, the last loan to be awarded by the fund was for $100,000 in December 2012 to Buckwheat's Gluten Free, a bakery on Celina Ave which asked for the money to increase production capacity and open a new storefront. The Greater Nashua Revolving Loan Fund targets firms in high technology and manufacturing as recipients. Other companies to receive revolving loans include Laser Advantage, and Resonetics, a polymer laser micro-machining firm. Firms in Nashua , Hudson , Merrimack , Litchfield , Pelham , Hollis , Brookline , Amherst , Milford , Mont Vernon , Lyndeborough and Wilton are eligible for revolving loan money from the fund. Unique System Skills, LLC , has two offices listed as corporate headquarters, both in Nashua . The first location, on Azalea Lane , is a residence and the second location, on Concord Street , was unoccupied when The Telegraph visited last week. Santosh Salvi , who is listed as a 40 percent owner of Unique System Skills, LLC , said he feels "very confident" about his business for the upcoming year and said he "really appreciated that the city of Nashua helped out." Salvi said the reason he asked for the loan was "mainly because of payroll." "We need some working capital," Salvi said. "We really need some money to keep our obligations." Salvi said he was unable to focus on sales and marketing with the demand placed on his job, forcing him to look for ways to support an expanded payroll. Salvi said his business is also in the process of building a training center, to be located in Nashua , but estimated it was months from completion. Salvi, a former employee for Fidelity and a 17-year Nashua resident, said his offices on Concord Street are used primarily for administration. According to Salvi, there are 12 employees for Unique System Skills, LLC , and three employees are working in Nashua . Salvi said the new positions created at his firm from the revolving loan money, a Business Development Manager and a Marketing Director, will both be filled by people from the Nashua area. ___ Bradford Randall can be reached at 594-6557 or brandall@nashua . Also, follow Randall on Twitter (@telegraph_bradr). ___ (c)2014 The Telegraph (Nashua, N.H.) Visit The Telegraph (Nashua, N.H.) at Distributed by MCT Information Services

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Source: Telegraph (Nashua, NH)

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