Dave Waltermire, center, Midwest Electric business development coordinator, presents an economic development loan to Chris Holdheide and Kurt Bergman of MS Welding.
MS Welding has earned an economic development loan from Midwest Electric. The company is building a 20,000 square foot facility in the Marion Township Industrial Park. Their primary business is metal fabrication of swine gates for the livestock industry. MS Welding’s customers are mostly local to the Auglaize-Mercer county area, although this expansion will enable them to further grow their business.
MS Welding currently employs 15 at a location on Hartings Road in Maria Stein, and will add 5 jobs with this expansion. The total project cost is $730,000.
The Midwest Electric Revolving Loan Fund (RLF) was established in 2005 with a $300,000 grant from USDA Rural Development. The first loan helped with sewer and water infrastructure for the new St. Henry Business Park. Another $300,000 grant from USDA Rural Development in 2013 became a loan to Mercer County to help finance sewer and water for the State Route 29 corridor development to Ferguson’s initial plant.
The Midwest Electric RLF has provided $1.53 million in loans to 11 local projects, supporting 139 area jobs.
“Promoting economic development is one way we demonstrate the value of the cooperative difference,” said Dave Waltermire, Midwest Electric business development coordinator. “We’re glad to partner with area businesses, banks and economic development leaders to help keep and create jobs in west central Ohio.”