SBA loans

The following loan guarantees have been approved by the U.S. Small Business Administration during August:
Back Street Café, 11 N. School St., Mayville 53050, $16,000, M&I Marshall & Ilsley Bank
Balance Chiropractic Center, 10130 N. Port Washington Rd., Mequon 53092, $35,000, and $25,000, Associated Bank;
Banner Feed & Equipment, W933 Hwy. 23, Mount Calvary 53057, $58,000, National Exchange Bank & Trust;
Cut Rate Liquor, 15036 Eisner Ave., Sheboygan 53083, $344,600, State Bank of Chilton;
Desanto, 4614 52nd St., Kenosha 53144, $363,000, M&I Marshall & Ilsley Bank;
Dollar Discount Store, 1257 Bell Ave., Hartford 53027, $130,000, First Bank Financial Centre;
824 Rawson, LLC, 208 E. Rawson Ave., Oak Creek 53154, $776,000, Milwaukee Economic Development Corp.;
Elkhorn Automotive, 113 Market St., Elkhorn 53121, $213,000, Wisconsin Business Development Finance Corp.;
Family Care Chiropractic, 1467 S. 108th St., West Allis 53214, $76,000, Community Bank of Grafton;
Fuhreck Investments, 518 Poplar St., West Bend 53095, $148,000, First Bank Financial Centre;
Hillside Hardware, 4614 52nd St., Kenosha 53144, $273,000, M&I Marshall & Ilsley Bank;
Houseware Distributors, 145 W. Progress Dr., West Bend 53095, $506,400, Firstar Bank;
Latitudes Coffee House, W156 N9636 Pilgrim Rd., Germantown 53022, $30,000, Wells Fargo Bank;
Lavonne’s on 8th, 2629 S. 8th St., Sheboygan 53081, $83,000, Community Bank & Trust;
Mancino’s Grinders & Pizza, W186 N9513 Bancroft Dr., Menomonee Falls 53031, $140,000, Wells Fargo Bank;
Milwaukee Mold Industries, W224 S8535 B Industrial Ave., Big Bend 53103, $40,000, Wells Fargo Bank;
Morella’s Market, 1423 Union Ave., Sheboygan 53061, $141,000, Community Bank & Trust;
North Manufacturing Co., N3104 Hwy. 175, Byron 53006, $205,000, Associated Bank;
North American Sintered Metal, 3301 63rd St., Kenosha 53142, $200,000, GE Capitol Small Business Finance Corp.;
The Packaging Store, 1256 Capitol Dr., Pewaukee 53072, $73,000, First Bank Financial Centre;
Packx, 437 E. Stewart St., Milwaukee 53207, $250,000, Associated Bank;
Pearl Street Larouge Lounge, 1100-1106 55th St., Kenosha 53140, $89,000, Racine County Business Development Corp.;
Radio Man Dwight Jackson, 1265 30th Ct., Ste. C, Kenosha 53144, $25,000, Bank One;
Razor Sharp Fitness, 7300 Washington Ave., Kenosha 53402, $254,000, Wisconsin Business Development Finance Corp.;
Scott Galbari, 16618 W. Rogers Dr., Oconomowoc 53151, $90,000, First Bank Financial Centre;
Subway, 6031 W. Mequon Rd., Mequon 53092, $125,000, M&I Marshall & Ilsley Bank;
Thirteen Squared, W303 N3145 Timber Hill Ct., Pewaukee 53072, $150,000, Waukesha State Bank;
Tube World, 2712 Superior Ave., Sheboygan 53081, $150,000, Community Bank & Trust;
Village Shoes, 100 N. Main St., Hartford 53027, $120,000, First Bank Financial Centre;
Websight Solutions, N50 W13906 Overview Dr., Menomonee Falls 53051, $25,000, Firstar Bank;
Wildlife Specialties, 1697 Hwy. 83, Hartford 53027, $20,000, First Bank Financial Centre;
Zubrod Directional Boring, 118 S. Wisconsin St., 118 S. Wisconsin St., Elkhorn 53121, $40,000, Wells Fargo Bank.
Industrial Revenue Bonds
Projects at three southeastern Wisconsin business will benefit from Industrial Revenue Bonding which has been approved by the state. The tax-free bonds are issued by local governments, and the proceeds are loaned to new or expanding businesses for development projects. The interest rate is generally below the going prime rate.
The following summarizes the successful proposals:
Dutchland Plastics, Oostburg, $2.9 million – Dutchland Plastics Corp. is a custom molder of plastic parts for a variety of industries including lawn and garden, food service, and industrial. It features state-of-the-art equipment for dispensing flexible and rigid polyurethane foams for use in products such as spa pillows, seats, mannequins, and medical equipment. It will purchase six acres in the Oostburg Industrial Park, construct a new 70,000-square-foot manufacturing facility to house its blow-molding operations, and purchase equipment that will allow the company to produce larger parts and enter new markets. The project is expected to create 16 jobs at an average wage of $11.25/hour and retain 190 jobs. Total project cost is $3.4 million.
Engineered Products & Services, Menomonee Falls, $2.25 million – Engineered Products & Services designs, distributes, and manufactures masking products and modular hanging and racking systems for the surface finishing industry, including painting, powder coating, and plating. The company will purchase and rehabilitate an existing, vacant 103,000-square-foot facility in the Menomonee Falls Industrial Park. It will also purchase equipment for the production of the company’s core products including tape/converting equipment, wire and welding equipment, and plastic and rubber injection molding machines. The project is expected to create 24 jobs at an average wage of $16.52/hour and retain 21 jobs. Total project cost is $3.1 million.
Gunner Press & Finishing, Town of Brookfield, $4.5 million – Gunner Press & Finishing is a commercial printer located in Pewaukee that specializes in producing high-quality commercial web printing using the latest in print technology. The company also offers a full-service bindery operation that is fully equipped with state-of-the-art equipment for cutting, folding, scoring and stitching. It will acquire and rehabilitate an existing 43,000-square-foot manufacturing facility and the printing equipment it houses in the Town of Brookfield. It will also purchase equipment and construct a 20,000-sq.-ft. addition to the existing facility in Pewaukee. The project is expected to create 28 jobs at an average wage of $17.68/hour and retain 56 jobs. Total project cost is $6.4 million.
For further information about the Industrial Revenue Bond Program, contact Bill Wheeler, Department of Commerce, at 608-267-2045.
Export grants
Gov. Scott McCallum has announced that Vulcan Lead, of Milwaukee, has received a $5,000 grant from the Wisconsin Trade Project Program. Vulcan Lead manufactures extruded, stamped and cast-lead products for the medical diagnostic, automotive, aerospace and electronic industries. Vulcan Lead will use its grant to attend the World Federation of Nuclear Medicine and Biology World Congress in Santiago, Chile.
Meanwhile, Prodesse, of Waukesha, has obtained a $5,000 Trade Project grant to attend the Interscience Conference on Antimicrobial Agents and Chemotherapy in San Diego, Calif. The firm develops medical diagnostic tests for the detection of respiratory diseases.
The Wisconsin Trade Project Program provides individual grants up to $5,000 to reimburse small Wisconsin companies for expenses incurred while attending an international trade show. Wisconsin companies with annual sales under $25 million are eligible for the program. For more information, contact Lou Janowski, Department of Commerce, at 608-266-0393.
MEDC loans
Plans of a popular Milwaukee window and door business to expand its operation were advanced on Sept. 18 when the Loan and Finance Committee of the Milwaukee Economic Development Corp. approved a loan for the firm.
Wilhelm Commercial Holdings, LLC, was granted the $140,800 loan for its Lisbon Storm, Screen & Door operation at 5006 W. Lisbon Ave.
Owners David and Daniel Wilhelm plan to add a new warehouse and loading dock to their building, according to their MEDC loan application. The additional 6,240 square feet of space would be used for inventory and repair work. The Wilhelms will also renovate their existing building with an expanded showroom. Offices will be moved to a second floor, and upgrades will be made to comply with the Americans with Disabilities Act.
The business, which serves homeowners and contractors with new and used products, currently employs 26 people full-time. The Wilhelms anticipate hiring an additional eight people full-time and four part-time under the expansion project.
St. Francis Bank is participating in financing of the work, which has a projected cost of $712,000.
In other action, the MEDC loan committee approved a $200,000 loan for Ahmad H. and Ibtisam S. Ahmad for their City Depot business at 2512 W. Lisbon Ave. The loan, which had originally been approved in August of 2001, came up for review due to a change in the participating bank and collateral.
City Depot was established in 1987 as a wholesale grocery supplier to urban-area convenience stores in Milwaukee and Racine. It specializes in breaking apart cases of food, laundry items, cigarettes, candy and other items popular at convenience stores.
The business owner, Ahmad Ahmad, is proposing to construct a one-story, 11,940-square-foot addition to his building. Ahmad has purchased four adjacent lots to accommodate the expansion. Once the addition is up, Ahmad will renovate the façade of the present building, using the city’s façade grant program to finance part of those costs.
Legacy Bank is now participating in the financing of the $500,000 project.
Another loan was approved for Norris & Associates, an architectural and engineering firm that plans to buy a building at 71st and Center streets for its operation. The MEDC loan committee approved financing of $132,191 for the $330,477 project; Legacy Bank is also involved in the financing.
Founded in 1996, Norris & Associates provides architectural, civil engineering design and project-management services. The business, owned by Ricky and Lenise Norris, is currently at 735 N. Water St. downtown. The Norrises expect employment to increase from nine full-time to 12 full-time and two part-time.
A $199,500 loan through the Small Business Administration’s 504 program was approved for Wadood Ahmad for his Andy’s Petro Pantry business at 2931 W. Lincoln Ave.
Ahmad started the business in 2000 and leases the property. He is now exercising an option to buy the fixed assets, for $659,000. M&I Marshall & Ilsley Bank is participating in the $665,000 project.
Sept. 27, 2002 Small Business Times, Milwaukee