Stoughton firm plans Milwaukee expansion; MEDC loans

A Stoughton company that sells automatic teller machines and other financial equipment will establish a Milwaukee facility with the help of a $188,000 loan from the Milwaukee Economic Development Corp. (MEDC).
The MEDC’s Loan & Finance Committee approved the financing at its Feb. 3 meeting.
Edge One (www.edgeone.com), plans to occupy a 12,000-square-foot facility at 5920 W. Bender Ct. in Milwaukee. The facility has 2,000 square feet of office space and 10,000 square feet of warehouse space.
Edge One and its three affiliate businesses, including Service Solutions, Cashroom Solutions, and Badger Armor, provide and service financial equipment for cash and check handling. It was founded in 1995 by Mike Sasse, who had earlier worked with Wausau Financial Systems. Edge One has customers around the Great Lakes and on the East Coast, and has expansion plans.
Edge One currently employs 14 people full-time and 10 part-time. The Milwaukee expansion is expected to result in an increase of six full-time and two part-time employees.
Anchor Bank is participating in financing of the $470,000 project.
In other action, the MEDC Loan & Finance Committee authorized a $500,000 loan to Fredman Bag Co., at 5801 W. Bender Ct. in Milwaukee.
Fredman Bag prints on plastic films for the consumer and food-product industries. It plans to buy an eight-color Utcco printing press that will reduce setup time from three hours to 40 minutes, and which will print twice as fast as its current printers.
Johnson Bank is assisting in financing of the $1,447,000 project.
Fredman Bag has 56 full-time employees and expects to add five due to the press addition.
MEDC also approved a $55,800 loan for AOK Investments, which plans to open a Subway restaurant at 3434 W. North Ave., in a commercial area being redeveloped in Milwaukee.
Company owner Michael Lea will lease 1,200 square feet of space in the building. The financing will be used for leasehold improvements, equipment, inventory and working capital.
Lea expects to have eight to 10 part-time employees at the restaurant.
M&I Bank is participating in the financing of the $139,500 project.
A $92,000 loan for T&M Ace Hardware was also approved by MEDC. The business, at 3014 S. 13th St. in Milwaukee, has been owned and operated by Terri and Marc Bolds since 1986. They want to buy the building in which they currently rent and occupy 7,600 square feet of space.
The Bolds would like to increase their tool rental business. They currently have two full-time employees and four part-time, and plan to add one full-time and two part-time.
Grafton State Bank is participating in financing of the $158,000 project.