PEORIA, Ill. – A Peoria County biotech startup company appears to be winding down operations.
25 News reports that NFW, formerly known as Natural Fiber Welding, is looking into its future options.
Peoria County Administrator Scott Sorrell tells WMBD’s “The Phil Luciano Show” that when the county received word about the move on Friday, it came as a surprise, especially after meeting with the company a few weeks ago.
“They felt very positive about their next round of venture capital funding. They felt very good about a couple things they had in the queue. But, obviously, when you’re a start up company, things can turn on a dime,” Sorrell said.
Sorrell says NFW was given a $3 million line of credit by the county, but only drew down about a million dollars. He says options to recoup that include restructuring payment terms, or even selling equipment that was purchased with the money.
Sorrell says about 15 employees will remain with NFW as the company figures out its next steps.
