Compo Steel Products Inc., a metal fabricating facility in Milwaukee, is requesting a $1.4 million loan from the Milwaukee Economic Development Corp.
According to the MEDC documents, Compo Steel is seeking the loan to pay off an existing term note and to “ramp up” on labor and materials to fulfill new orders. $500,000 would be used for the refinancing, and $900,000 would be for the inventory and labor.
No further details on the term note were disclosed, but financial controller Jovana Ivancevic said the company needs the loan for the inventory and labor because the company is growing. She declined to specify the growth, but she said Compo Steel is increasing its customer base.
Compo Steel has 60 full-time employees, and it expects to hire 30 more within two years.
The primary lender for the loan is Ridgestone Bank.
Compo Steel offers specialized designs and engineering to build and assemble capital equipment for the transportation, construction and agricultural industries.
