September 28, 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 Argon Industries (Argon), a local machine shop offering specialty fabrication of metal products utilizing laser cutting, forming, welding, and powder coat painting. The loan funds were granted to the NWSCDC by the Community Economic Development (CED) program of the Office of Community Services (OCS), Administration for Children and Families, U.S. Department of Health and Human Services.
Argon will use the loan for working capital to increase their labor force and secure supplies to fulfill new contracts. A total of 40 new full-time, full-year manufacturing positions will be created. Argon’s customers are in major appliances, infrastructure, power generation, retail displays, HVAC, and OEM equipment industries. MEDC (Milwaukee Economic Development Corporation) will be the lead financing partner in the transaction, administering the loan funded by both MEDC and NWSCDC.
“The support of NWSCDC and MEDC will allow Argon to keep growing in Milwaukee. We see continued opportunity to ramp up production and create more jobs” said Greg Clement, President of Argon Industries.
“Partnering with MEDC enables us to greatly expand our impact. We have participated in a number of MEDC deals, leveraging our available resources for greater impact. Argon is a growing company with great opportunities for entry-level and skilled positions” said Andrew Haug, Resource Development Manager at
Northwest Side CDC has a long history of collaborating with manufacturers on economic and workforce development projects. “NWSCDC has lent over $10 million since the year 2000, and our partners have now created over 1,000 new jobs. We are working to keep growing those numbers in our community” said Howard Snyder, Executive Director of NWSCDC.
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.
More information on the CED Program is at 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.
NWSCDC Vision: The NWSCDC will lead the transformation of the Northwest Side of Milwaukee into a preferred destination for businesses and residents.
NWSCDC Mission: We exist on the Northwest Side to create jobs, build partnerships and strengthen communities.
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.