Argon Industries plans to add 40 new full-time jobs with the help of a loan from the Northwest Side Community Development Corp. and the Milwaukee Economic Development Corp.
A machine shop specializing in metal fabrication for appliance, infrastructure, power generation, retail display, HVAC and OEM equipment markets, Argon plans to use the loan for working capital to increase its labor force and secure supplies to fulfill new contracts.
The NWSCDC received a nearly $800,000 community economic development grant from the U.S. Dept. of Health and Human Services to provide the loan. The organization and MEDC will provide Argon a $700,000 loan, with most of the money coming from NWSCDC. The remaining grant funds will be used for coordination with workforce development agencies and community groups along with administration and report, according to Andrew Haug, NWSCDC resource development manager.
“Partnering with MEDC enables us to greatly expand our impact. We have participated in a number of MEDC deals, leveraging our available resources for greater impact. Argon is a growing company with great opportunities for entry-level and skilled positions” Haug said, adding this is the fifth time the two entities have worked together since 2014.
Argon and MEDC officials did not immediately respond to requests for comment.
The project is also supposed to assist with the financial literacy and security through partnerships with other local organizations. Thirty of the 40 positions are to be filled by low-income individuals, according to an HHS summary of the grant.