Northwest Side Community Development Corporation Awarded OCS Grant to Finance Diamond Precision Products Expansion
NWSCDC to partner with MEDC to finance Diamond Precision expansion; project will create new jobs by high-tech manufacturer of precision machined components.
October 19, Milwaukee, WI– The Northwest Side Community Development Corporation (NWSCDC) has been awarded a grant to support our business lending fund in making a loan to Diamond Precision, a manufacturer of precision machined components that is expanding on the northwest side of Milwaukee at 11000 W. Heather Avenue. The loan funds were granted to the NWSCDC by the Community Economic Development program of the Office of Community Services, Administration for Children and Families, U.S. Department of Health and Human Services.
Diamond Precision plans to use the loan to continue its expansion by purchasing machining equipment and hiring additional production employees to fill new contracts. Diamond plans to add up to 40 new jobs in the coming years, bringing its total Milwaukee employment to about 80 jobs as a result of its expansion.
NWSCDC was part of an earlier financing package in 2012 when Diamond Precision initially opened their Milwaukee location. With the company’s strong performance and growing contracts, the current expansion will provide additional equipment and new jobs in the coming years. Milwaukee Economic Development Corporation (MEDC) is a lead financing partner in the deal, jointly funding the shared loan with NWSCDC. “The support of MEDC allows us to leverage our resources to achieve a larger impact. This project was too large for NWSCDC alone, and we appreciate our strong relationship with MEDC” said Andrew Haug, Resource Development Manager at NWSCDC.
Diamond Precision machines parts for a variety of industries such as rail and trucking using state-of- the-art equipment. Their precision processes assure Diamond’s customers of the quality of their parts, and their performance
Northwest Side CDC has a long history of collaborating with manufacturers on economic and workforce development projects. “Northwest Side CDC has built a reputation for helping to bring manufacturing jobs back to our area. We are excited to be working with Diamond Precision, and look forward to helping them recruit workers from the communities we serve” said Howard Snyder, Executive Director of the Northwest Side CDC.
Community Economic Development (CED) is a federal grant program funding Community Development Corporations that address the economic needs of low-income individuals and families through the creation of sustainable business development and employment opportunities.
For more information on the CED Program, please visit http://www.acf.hhs.gov/ocs/programs/ced
The Northwest Side Community Development Corporation (NWSCDC) has served the economic development needs of Milwaukee’s low-income communities since 1983. Our mission is to enhance the standard of living on the Northwest Side by improving the business environment for our low-income communities through community economic development. NWSCDC is a certified Community Development Financial Institution (CDFI) with a business lending fund dedicated to attracting companies and growing new jobs in our target market.