Pictured above: Midwest Electric CEO Matt Berry (center) with 3-Way Machine & Tool owners Brad Feltz (left) and Dave Moorman (right)
Midwest Electric recently provided a $100,000 loan to 3-Way Machine & Tool Company, a full-service job shop located in Maria Stein, to assist with the purchase of an existing building in Marion Township Industrial Park.
“3-Way Machine has an established growing business and needs additional space to purchase new CNC milling and tool-making equipment,” said Midwest Electric Business Development Coordinator Dave Waltermire. “The two owners, Dave Moorman and Brad Feltz, have the experience and reputation for producing precision CNC products for both low- and high-volume runs. With the new facility and equipment, they will be able to expand their products and increase efficiency.”
With additional contracts, the company will also hire additional employees to further grow the business, adding local jobs to the area. As the company repays Midwest Electric, those payments go in the co-op’s Economic Development Revolving Loan Fund, serving as a pool of money for future loans to small area businesses and government entities.
Midwest Electric has made more than $2 million in low-interest loans through this program, while supporting regional groups’ economic development efforts, boosting local jobs and quality of life, and lending a helping hand within the co-op’s communities.
3-Way Machine and Tool Company has been in business nearly 20 years, offering services anywhere in the United States, including tool, die, and fixture design, and one-off prototyping. With a wealth of onsite equipment, including CNC mills and lathes, 3D printers, and welding equipment, the shop handles all types of materials ranging from thermoplastics to mild steel and even MDF board.
To learn more about 3-Way Machine, call 419-925-7222 or visit 3waymachine.com.
For more information about Midwest Electric’s Revolving Loan Fund, click here or call the office at 800-962-3830. Minimum loans are $5,000; other qualifications apply.