MEDC financing will help Milwaukee firms expand
A growing Milwaukee industrial business will receive a $280,000 loan from the Milwaukee Economic Development Corp. (MEDC) to help in its expansion.
The MEDC loan committee approved the loan for BECO LLC, owned by Virginia M. Ramos. She is also president and owner of VMR Investments Inc., the operating business that will benefit from the financing.
The company is expanding into steel fabrication and intends to purchase the building and crane equipment at 3100 W. Concordia Ave. The 98,947-square-foot building has 15 cranes.
VMR started as an electrostatic painting, sandblasting and light steel fabrication shop. The increase in steel fabrication jobs is expected to be the main source of growth for the business.
The company currently employs 24 people full-time and expects to add 60 people with the expansion project.
M&I Marshall & Ilsley Bank also is participating in financing of the $930,000 project.
The MEDC loan committee also approved a $500,000 loan for Wolf PI LLC, which will purchase property at 6720 N. Teutonia Ave., Milwaukee, and lease it to Pflow Industries Inc.
The space will give Pflow room for expansion and allow it to better control its facility overhead, according to information the company provided to MEDC.
The company was started in 1976 by Robert H. Pfleger to design and engineer vertical reciprocating conveyor lifts for material handling applications. Manufacturing was done elsewhere. Herbert Ruehl joined the company in 1977 with minority ownership. The company moved from its Oakland Avenue offices in Milwaukee to its current Milwaukee facility at 5045 N. 35th St. in 1984, when it began manufacturing the lifts.
Pflow Industries is now owned by an employee stock plan, with Ted Ruehl and Bruce Pfleger holding minority interests.
The company, which employs 66 people full-time, expects to add eight full-time employees in the expansion.
Bank One also is participating in financing the $1.36 million project.
Dec. 26, 2003 Small Business Times, Milwaukee
