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LACROSSE STICK MANUFACTURER ASKS STATE FOR FINANCIAL HELP
Published August 13, 1996
The parent company of the "fastest-growing" lacrosse stick manufacturer, STX, Inc., is seeking $1M in MD state aid to finance its expansion plans in Baltimore, according to the BALTIMORE BUSINESS JOURNAL. William T. Burnett Inc. has "outgrown" both its area facilities and plans a $2.2M renovation and expansion to its plant. To help pay for the costs of keeping 250 jobs in state, the company has asked for $500,000 in low- interest loans and a $500,000 grant from Maryland's Economic Opportunities Fund. Burnett is also "being wooed" by York, PA. According to a letter obtained by the BALTIMORE BUSINESS JOURNAL, the state plans to offer a 10-year, $500,000 loan at a fixed rate of 2%. It will also offer a $500,000 conditional grant that will have to be repaid only if the company fails to retain the 255 local jobs. A legislative committee is expected to officially review the request in late August or early September (Alan Kline, BALTIMORE BUSINESS JOURNAL, 8/12 issue).