Dept. of Commerce: Gov. Doyle Announces business projects in Manitowoc
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.