Local Woodworking Shop Receives $480,000 Loan

Rising Sun Woodworking Inc. (RSW), a woodworking shop based in Mattituck, recently received a $480,000 loan from the state in order to relocate to a new location on the North Fork.

The loan, approved by the Job Development Authority (JDA), was provided by Bridgehampton Bank in order to help pay for the $1,200,000 real estate purchased by the company, according to the agenda from the JDA meeting.

The shop was opened in 1983 by owner Michael Drobet as a one-man shop operating out of a small garage in Riverhead until 1987 when the company moved to a larger space in Mattituck.

The company, which currently employs 19 people, supplies builders and homeowners with high-end custom cabinetry and millwork.

RSW is planning on moving to a new 14,600 square foot space at 4460 Depot Lane in Cutchogue, four miles away from the current located, according to the agenda.

They are currently operating in a 8,400 squre foot rented shop space occupying seven “bays” and an offsite storage space but with the new location, the company will be able to consolidate operations under one roof, according to the agenda.

They plan to finance the purchase and renovation of the property as well as the acquisition and installation of machinery and equipment, costing a total of $1.62 million.

Drobet will contribute $120,000 in equity and the bank will be financing the rest, according to the agenda.

The JDA Real Estate Loan would be secured by a second mortgage on the new location in Cutchogue.

Back in January, the company received a grant from ESD of $19,500 and acquired a $96,000 computer-aided cutting machine to improve the woodworking operation.

Photo: Google Maps

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