MEDC loan will help manufacturer consolidate

MEDC loan will help manufacturer consolidate

A local manufacturer and distributor of bearings was awarded a $500,000 loan from the Milwaukee Economic Development Corp. (MEDC) to consolidate from its current three facilities into one location.
The company, Krueger Bearings, now operates out of separate facilities in Menomonee Falls that have a total of about 16,000 square feet of space.
Owners Terry and Ann Krueger want to buy a 51,136-square-foot manufacturing building at 8811 W. Dean Rd. in Milwaukee to consolidate the Krueger Bearing operations. The Kruegers also own Krueger Investments.
The company has 55 full-time and four part-time employees.
TCF National Bank is also participating in financing of the $2,150,000 project. MEDC approved financing for the project at its June 2 loan committee meeting.
One of the Krueger buildings, a12,500-square-foot industrial facility at N54 W13667 Woodale Dr., was sold to XL Machines which will expand its operations in the facility, according to NAI MLG Commercial, which handled the transaction.

The MEDC loan committee also approved a $55,700 loan for Café Selah, which will be created in the new Burleigh Street Community Enterprise Center at 5312 W. Burleigh St. in Milwaukee.
The $2.5 million center is being developed by the Burleigh Street Community Development Corp. on the site of the former Zach’s/Petrof’s bowling alley. It has retail and office space.
Venner and Bill Alston of Mequon are planning the coffee shop and deli in the center. They plan to have three full-time employees and one part-timer employee in the café.
Legacy Bank is also financing another $83,600 for the café.

Witlib Holdings was approved for a $184,000 loan from MEDC for Good Hope Manor Milwaukee.
Linda and Chris Witzlib of Port Washington intend to purchase a residence at 7070 N. 124th St. in Milwaukee and convert it into a community based residential facility that would accommodate seven adults.
Port Washington State Bank is providing another $276,000 in financing for the project.
The business would employ six people full-time and four part-time.

MEDC also approved a $232,000 loan for Joseph A. Santoro Real Estate, Santoro Corp., Green Hills Landscaping, and Commercial Landscape Maintenance.
Joseph Santoro plans to buy approximately one acre of land at 1205 W. Mt. Vernon St. in Milwaukee and construct an 8,000-square-foot building there for his landscaping and snow-removal businesses.
He currently employs 25 people full-time and would hire an additional 10 to 20 people through the development project.
TriCity National Bank is financing another $348,000 for the Santoro development.

June 13, 2003 Small Business Times, Milwaukee

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