MEDC loans

A firm which installs television cable in the Milwaukee area has been granted
a $308,000 loan through the U.S. Small Business Administration’s 504 program. The loan was approved through the Milwaukee Economic Development Corp., a 504-program lender.
The company, Advanced Communication Specialist, was one of three businesses to gain MEDC support.
ACS will purchase a former police department building for its expanding operation. The company is making the move not only because it is out of space in its current facility, but also because its owners intend to diversify their base of business. Time Warner is its only current customer.
The police department building, at 17165 W. Glendale Dr. in New Berlin, sits on a 1.94-acre lot that is entirely paved for parking, has an underground garage that is suitable for vehicle maintenance, and which has 20,650 square feet of combined garage, warehouse and office space. There is also a communication and dispatch tower that the company can utilize.
ACS, which currently employs 57 people full time, expects to hire 40 new employees. Firstar Bank is participating in the project’s $770,000 total cost.
MEDC’s loan committee also approved financing for two other firms at its May 10 meeting.
Weld Specialty Supply Corp. received a $146,000 second mortgage loan to purchase and renovate a property at 8929 N. 107th St., Milwaukee. The company is a wholesaler of welding supplies, primarily wire welding materials and some welding rods. The firm expects to add four full-time employees to its staff. Ozaukee Bank is participating in the $367,000 project.
Timothy and Janice Finke received a $69,000 second mortgage loan to purchase property at 130 E. Morgan Ave. in Milwaukee. A portion of the building’s main floor will be remodeled to make space for a beauty salon to be run by Ms. Finke. Mr. Finke, who has been in business since 1985, operates an architectural firm. The project will create one full-time position. Tri-City National Bank is participating in the $190,000 project.