INVESTMENTS OVER THE YEARS
Energy & Innovation
In early 2018 we are planning to close on an expanded loan to M-WERC, building on our previous financing relationship and assisting M-WERC to continue build-out of the Energy Innovation Center inside the Century City Tower. M-WERC is attracting new businesses through its “WERC-Bench Labs” accelerator program and a new initiative called “Technology Acceleration and Growth” or TAG Korea, in which South Korean entrepreneurs and businesses prepared for US business capitalization and investment.
Two Major Manufacturers
In 2017 NWSCDC completed two loans for over $1 million in financing. The first loan to Compo Steel Products was supported by a 2016 CED grant, and will allow the company to take on new contracts and grow 30 new jobs in welding, material handling and related positions. The second loan, later in the year, was supported by a 2017 CED grant. This new loan to Diamond Precision Products will allow the company to keep growing their Milwaukee operation to create 40 additional positions.
NWSCDC was also a sponsor of the 2017 Milwaukee Small Business Week, hosting a session on Small Business Capital and Financing on May 4th, 2017 at Century City Tower. Ten different small business financing entities presented information, including banks, non-profit lending funds, venture capital, and more.
Increasing Capacity
In 2016 NWSCDC grew our business lending capacity and partnerships by accepting private investments from two banks into our business lending fund. This “patient capital” assists us to make business financing available which may be more creative or flexible than banks would traditionally provide. In late 2016 NWSCDC closed on a loan to PacLogix, helping the company grow and take on new contracts in their facility near Teutonia Ave and Hampton Ave. Also in 2016 a new CED grant was awarded to support a business expansion loan for Compo Steel Products, a custom metal fabricator.
In October 2016 we hosted a major event, “30th Street Corridor Like You’ve Never Seen It Before,” highlighting new catalytic opportunities to pair environmental remediation with business attraction and development in Milwaukee’s 30th Street Corridor area.
Moving Up
In 2015 NWSCDC was awarded a CED grant which was used to close a $700,000 loan to SIC Lazaro US, a manufacturer of crane and elevator counterweights located at 7044 N Teutonia Ave, just off Good Hope Road. This is the US headquarters for SIC Lazaro, a Spanish manufacturer investing and growing jobs here in Milwaukee. This project is expected to create 40 new jobs over three years, and the majority of these new positions will be filled by formerly low-income individuals. NWSCDC partnered with Milwaukee Economic Development Corporation (MEDC) in a shared participation loan to provide Sic Lazaro with working capital to increase production and hiring.
NWSCDC also completed a loan to the MidWest Energy Research Consortium (M-WERC) in 2015. This loan supports M-WERC as it continues to grow the Energy Innovation Center (EIC) for the organization and expansion of businesses in the energy, power, and controls economic cluster centered in Milwaukee. The EIC’s location in the Century City Tower strategically draws on the rich experience of this facility as the former research division for Eaton Corp and Cutler-Hammer, and the continued proximity to universities and major energy controls firms including DRS Power Technologies.
Shaping A New Future
In 2014, NWSCDC received a financial assistance award of $309,188 from the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund. In late 2014, NWSCDC was awarded a CED grant that was used to close on a loan to HellermannTyton, in participation with the Milwaukee Economic Development Corporation (MEDC). The loan is part of a $10 million, 102,000-square-foot expansion of HellermannTyton’s facility at 6701 W. Good Hope Road. The project will create 125 jobs within the next 5 years. Hourly workers in the Good Hope Road building earn $11 to $32 an hour. HellermannTyton’s products are used in the automotive industry, and sales for renewable energy uses such as solar and wind power equipment are growing. NWSCDC will work with HellermannTyton to ensure a portion of the jobs created by the project are filled by low-income residents from the Northwest side of Milwaukee.
2013: A Year Of Coming Together
In early 2013 NWSCDC closed on a $628,750 loan to Tom Ryan, President of Jonco Industries, for the purchase and build-out of Century City Tower, formerly the Eaton Corporation headquarters. Jonco Industries has seen continual growth in recent years, adding almost 30 new jobs to date on Milwaukee’s northwest side. The success of Jonco Industries has been complemented by the growth and excitement occurring at Century City Tower, now a multi-tenant office space with lab equipment being utilized by the Midwest Energy Research Consortium’s Energy Innovation Center (EIC). The EIC will provide shared administrative and lab space for start-ups, as well as academic and industry research. In the spring of 2014 Jonco Industries received a Business Journal Central City Business Award for its dedication to creating jobs and economic development.