Contact:
Tony Hozeny, 608/267-9661
MADISON- Gov. Jim Doyle today announced that two Wisconsin businesses will
share $600,000 in loans from the Community Development Block Grant for
Economic Development (CDBG-ED) Program administered by the Department of
Commerce (Commerce).
“My Grow Wisconsin initiative calls for supporting the growth of established
businesses in the state,” Gov. Doyle said. “I am pleased that these awards
could be used to aid in job creation and retention in Manitowoc County.”
“We continue to work to rally behind the City of Manitowoc and Manitowoc
County in its economic development efforts,” Commerce Secretary Cory L.
Nettles said. “The projects will retain 107 positions, create 30 new
positions and leverage $900,000 in additional investment.”
The following summarizes the successful proposals:
Cook’s Corner, Inc., Manitowoc, Manitowoc County, $100,000 CDBG-ED loan.
Cook’s Corner, Inc. sells kitchen merchandise and replacement parts. It will
use the loan to fulfill a contract with one of its customers. The project
will allow Cook’s Corner, Inc. to retain 12 positions and leverage $400,000
in additional investment.
Invincible Metal Furniture Company, Manitowoc, Manitowoc County, $500,000
CDBG-ED loan. Invincible Metal Furniture Company manufactures office
furniture. It will use the loan to fulfill contracts with its customers. The
project will allow Invincible Metal Furniture Company to retain 95
positions, create 30 positions and leverage $500,000 in additional
investment.
Wisconsin communities have realized substantial benefits from the program.
Since 1985, Commerce has made more than 280 awards totaling over $100
million for economic development projects expected to create and retain over
10,000 jobs and leverage more than $270 million in private funds.
Currently, 180 communities operate revolving loan funds capitalized by
CDBG-ED project loan repayments. For more information, contact Jamie Wall at
608/267-0770.
