1/15/2010
Michigan Automotive Fastener Plater Receives Stimulus Program Loan Guarantee to Rehire Laid Off Workers
Elm Plating Company received a $2.5 million loan guarantee to refinance its debt and bring back laid-off workers, president Jonas McCluskey announced.
The third generation Michigan company had laid off 75% of its workers in the past few years.
The search for financing proved difficult, McCluskey told the Jackson Citizen Patriot. “It’s been a scary year.”
The loan guarantee “will ensure the machines keep running,” he told reporter Chris Gautz. “In the next two years, we should be back at (our previous employment level), if not above it,” McCluskey said.
U.S. Rep. Mark Schauer, D-Battle Creek, announced Elm had received the loan guarantee, which is being funded by the federal stimulus bill. The money came through the U.S. Department of Agriculture Rural Development’s Business and Industry Guaranteed Loan Program.
Elm Plating was one of 130 rural businesses – one of six in Michigan – that received a combined total of $452 million in loan guarantees across the country.
Elm Plating provides zinc barrel plating, baking, chromating, heat treating and hardcoating anodizing and is located at 1319 South Elm St., Jackson, MI 49203 Tel: 517 782-8161 Fax 517 782-7758 ©2010 GlobalFastenerNews.com
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