MEDC loan will help launch new veterinary clinic

Advanced Veterinary Clinic of Milwaukee plans to use financing it recently obtained from the Milwaukee Economic Development Corp. to move from 8052 N. 76th St. to 7810 W. Good Hope Rd.
MEDC’s loan committee approved a $260,152 loan to Sandra DesJardin, president of Advanced Veterinary Clinic of Milwaukee. DesJardin plans to purchase a 5,928-square-foot facility located along Good Hope Road, because her business has outgrown its current 4,000-square-foot leased space.
DesJardin intends to put a 9,000-square-foot addition on the prospective facility and move the entire clinic to the new location. The addition will accommodate a dog day care service and training classes.
The additional business space will increase the company’s staff from five full-time employees and three part-time workers to seven full-time employees and five part-time workers.
Tri City National Bank is also helping to finance the $650,380 project.
Other projects approved by the MEDC loan committee included:

— A $300,000 loan for Kyun Hee Park and the Megamall Milwaukee Corp. The project was originally approved by MEDC in December 2001. The Megamall Milwaukee Corp. will put a Fun Station entertainment center as its anchor tenant for the mall located on 76th Street and Silver Spring Road.
The Fun Station entertainment center will offer entertainment such as arcade and video games, a restaurant and indoor rides including bumper cars, a merry-go-round and laser tag. Megamall Milwaukee Corp. will not operate the restaurant inside the Fun Station. A Subway franchisee is interested in the restaurant site, according to the application.
The Fun Station currently does not have employees but will hire 20 full-time employees and 30 part-time workers once open. M&I Marshall & Ilsley Bank is also helping to finance the $940,000 project.

— $540,000 in two loans requested by Chicago Milwaukee Acquisitions Inc. Timothy Overmyer, the current general manager of Milwaukee Precision Casting (MPC), 3400 S. Nevada St., and Chicago Vacuum Casting (CVC), plans to purchase the companies from the founder’s widow. Overmyer will become president and have 20% ownership in the company. Other partial owners will be James Weber, Mark Smigelski, Thomas Overmyer and David O’Brien, of both Chicago Milwaukee Acquisitions Inc., and Chicago Milwaukee Real Estate LLC.
The project cost is $4.6 million, including $1.7 million in Milwaukee. The purchase of the two companies will allow for an increase in Milwaukee employment from 43 full-time employees and seven part-time workers to 63 full-time employees and six part-time workers. MB Financial Bank also is helping to finance the project.

— A $366,000 loan for Wisconsin Die Casting LLC and president Randy Lubben, who is seeking a second mortgage for the company at 201 W. Oklahoma Ave.
The company is returning to profitability and is seeking assistance on financing the purchase of the real estate. The company currently has 92 full-time employees. The new loan will enable the firm to add three to 10 additional full-time staff members. Park Bank is also helping to finance the $1.9 million project.

— A $639,000 loan for Manna Enterprises Inc. to locate an International House of Pancakes Restaurant at 5341 W. Fond du Lac Ave., Milwaukee. The restaurant will occupy about 7,890 square feet of a building on the 1.4-acre outlot at the Mid Town Shopping Center. The project will create about 30 new full-time jobs. Legacy Bank is helping to finance the $1.8 million project.

March 5, 2004 Small Business Times, Milwaukee

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