The state Department of Commerce has provided a $1 million loan to K.W. Muth Company, Inc., of Sheboygan for an expansion project that the firm says will bring more jobs and investment to the community.
McCallum said the company will use the Community Development Block Grant for Economic Development (CDBG-ED) loan to buy equipment needed for the expansion. The project will lead to the creation of 66 jobs over the next three years and help keep another 43 jobs. The project also will leverage $3.1 million in private investment.
K.W. Muth, founded in 1947 by Kenneth Muth, makes mirrors and other safety equipment for the automotive market through its Muth Mirror Systems, LLC, operation.
“K.W. Muth has been a great corporate neighbor to the people of Sheboygan and I’m pleased that we have an opportunity to help K.W. Muth with its plans to expand and grow in the community,” McCallum said.
The CDBG Program is administered by the Department of Commerce using funds from the U.S. Department of Housing and Urban Development. Through this program, COMMERCE awards funds to eligible units of government to lend to businesses for job retention or creation projects. The communities may keep a portion of the loan repayments to capitalize local revolving loan funds that are used to promote further economic development at the local level.
This is Sheboygan County’s first CDBG-ED project.
Aug. 3, 2001 Small Business Times, Milwaukee
