Galesburg, IL – After more than a year of planning and negotiations, an expanding manufacturer has announced it's officially coming to Galesburg.
Intellihot will use the former Carhartt building on West Main Street, now the Galesburg Sustainable Business Center, to assemble tankless water heaters for use in residential and commercial markets across the United States. The company says it plans to hire 45 people within the next two years, while expanding operations to 144 employees within the next four years.
The city, in cooperation with F&M Bank and the Small Business Administration, put together a $2.45 million loan. $1.78 million came from the bank, and the city provided a $675,000 revolving loan. It also provided a guaranteed $355,000 private loan guarantee.
That's on top of $657,600 from the state in the form EDGE tax credits and training grants.
"It's encouraging to receive widespread support and see this project come to Galesburg," says Mayor Sal Garza. "We had to be creative in providing Intellihot with the needed support. The effort required a great deal of coordination and diligence from lots of talented people."
Intellihot will take up about 12,000 square feet in the sustainable business center, and will be the facility's first tenant.
"Securing financial support from the state, city, SBA and F&M bank has equipped us to commercialize our product and produce locally," says Intellihot President Sridhar Deivasigamani. "We wish to especially thank the City of Galesburg for leading the way."