BROOKFIELD ECONOMIC DEVELOPMENT NEWS DECEMBER 2011
City and Waukesha County ED Corporation approve first Revolving Loan Fund project
In March of this year, the City of Brookfield initiated the Brookfield Development Loan Fund, a local Revolving Loan Fund (RLF), established to work in conjunction with the Waukesha County Economic Development Corporation’s (WCEDCs) existing RLF. On December 5, WCEDC and the City closed on the first joint project, a loan to Components Company, Inc. (CCI). The City of Brookfield and WCEDC are providing $150,000 in gap funding to the project.
Components Company, Inc. (CCI) is a 75 year old supplier to Original Equipment Manufacturers (OEMs) in the medical equipment, industrial supply, agricultural and motorcycle markets, including Harley-Davidson. CCI will use the loan to purchase equipment, such as cable wire processing and auto bagging machines, improving efficiency and delivery times to their clients.
“This deal shows that the City of Brookfield and Waukesha County are committed to expanding businesses, especially given the challenging economic climate,” said Joe Wittig, President and CEO of CCI. “As a small business owner, I am glad to see that my own City and County are dedicated to helping me succeed and grow.”
The revolving loan funds are designed to assist small and medium sized businesses to grow and create jobs. As a result of these loan funds, CCI plans to add 5 positions over the next two years. “Components Company Inc. was one of the first companies in our Gateway West Commerce Center, ” noted Brookfield Mayor Steven Ponto. “They are a first-rate employer, and provide higher wage manufacturing jobs, with benefits, that are highly sought after in this challenging economy.”
“Located in the heart of Southeastern Wisconsin, the City of Brookfield is a community of choice for families and businesses and a premier sustainable place to live, work, shop, and play.”
City of Brookfield