Randal W. Spencer is president and CEO of Concordia Manufacturing.

The Providence Journal / FRIEDA SQUIRES

Concordia, a Coventry-based manufacturer, said yesterday it plans to expand into Warwick with the help of a $500,000 small-business loan from the Rhode Island Economic Development Corporation.

The company will lease a 24,575-square-foot facility at 60 Commerce Drive to manufacture medical products. Concordia set the total capital cost for the expansion at $1.6 million, which includes the construction of expanded clean-room space and the purchase of new manufacturing and testing equipment.

“Access to these funds will play an integral role in our company’s expansion efforts into the biomedical space,” said Randal Spencer, president and chief executive officer. “It is extremely important for us to keep our competitive edge, and this expansion will allow us to increase our capacity for research and development along with medical manufacturing to meet the needs of our current and future clients.”

Concordia employs 57 people in Rhode Island and plans to hire an additional 10 to 15 within the next two years as part of the expansion. “High-wage job growth, and increasing the average wage for all Rhode Islanders continues to be a core focus of the RIEDC,” said Saul Kaplan, executive director of the agency. “Providing access to capital for innovative companies, like Concordia, which are poised for near-term growth, is an essential part of our state’s economic growth strategy. Concordia’s transformation into the biomedical arena serves as a national model within the manufacturing industry. This company has embraced innovation and their products in the biomedical space have added value to researchers and distributors of medical devices alike.”

Concordia makes engineered fibers for many applications, including its latest venture into woven and non-woven implants and scaffolds for regenerative medicine.