WASHINGTON (August 9, 2010)—Today, at an event at B&H Tool Works in Madison County, Congressman Ben Chandler and U.S. Department of Agriculture (USDA) officials announced a small business loan from the Recovery Act to help Richmond's B&H Tool Works save 81 local jobs.  B&H CEO Sammy Hammons, Jerry Rickett of Kentucky Highlands Investment Corporation (KHIC), and Madison officials spoke at the event.

“Let me tell you why this is so important,” Chandler said. “It is simple: 81 jobs. 81 high-skill jobs that won’t be lost, 81 jobs that won’t be shipped overseas, 81 jobs that provide economic impacts in this county, and 81 jobs that support families throughout the region. Through this project with B&H Tool Works, the USDA and the Recovery Act have made a huge difference in Madison County today.”

B&H Tool Works has a significant impact on Madison County’s economy, as the payroll for these local employees alone will inject more than $3 million annually into the local economy. B&H will use the money from the loan announced today to restructure their debt and provide additional capital.  The loan was made possible by the American Recovery and Reinvestment Act (Recovery Act)—which Congressman Chandler supported—and the USDA. Kentucky Highlands Investment Corporation agreed to provide the loan.

B&H Tool Works was founded by local businessmen Sammy Hammons and Tommy Brown in 1984. The company manufactures highly technical machine tools and employs highly skilled, specialized workers in four divisions: die, custom tooling, special tooling, and stamping.

Chandler continued: “As we keep seeing manufacturing jobs shipped to China, I can’t tell you how important businesses like this are to Central Kentucky and to our nation.”
 

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