REVOLVING FUND LOANS have been approved by the Ozaukee County Board for two local businesses. A $100,000 loan was given to Advanced Manufacturing Technologies (above) in the Town of Grafton and a $40,000 loan was approved for Galioto’s Vintage Grille (right) in the Town of Cedarburg. Photos by Mark Jaeger
Grafton manufacturer, Cedarburg restaurant get infusions of working capital
The Ozaukee County Board unanimously approved a pair of revolving fund loans last week, giving two county businesses an infusion of working capital.
The county is lending $100,000 to Advanced Manufacturing Technologies in the Town of Grafton and $40,000 to Galioto’s Vintage Grille in the Town of Cedarburg.
AMT asked for the loan to support a $500,000 inventory expansion and the purchase of equipment. Additional financing for the project will include private borrowing and a U.S. Small Business Administration loan from Ridgestone Bank.
Preliminary approval was also recently received on a Wisconsin Community Block Grant loan for the firm.
The seven-year county revolving loan includes 12 months of deferred principal payments and an interest rate of 1.6%.
The company, at 1091 Falls Rd., provides a variety of machined products, working with metal castings, bar and flat stock, aluminum, stainless steel and plastics.
AMT was founded in 1991, when Richard Vallin and a group of investors bought the former Ozaukee Tool.
To qualify for the county loan, company officials said they would create five new full-time positions over the next two years. Those jobs will be filled through the Ozaukee County Workforce Development Center.
The other loan was granted to Margaret and David Galioto, owners of the restaurant at 1221 Wauwatosa Rd.
They said the money will be used to help pay for renovations and convert the theme of the restaurant from “fine dining to upscale casual.”
The renovations will include new signage, interior remodeling and parking lot improvements.
The loan supports a recently secured loan from First Bank Financial Center. That money will be used to refinance an existing mortgage, retire credit card debt that had been used for business purposes and finance property improvements.
The restaurant’s seven-year revolving loan is at an interest rate of 2%, with principal payments deferred for the first six months.
The owners said the expansion project will allow them to hire seven new part-time employees over the next two years. Again, the hiring will be done through the Workforce Development Center.
Both loans were recommended by the county’s Administrative Committee.
The revolving loan program makes state money available to county employers through county oversight, so no local tax dollars are involved.
Repaid funds are returned to the program so additional loans can be made.
“At the moment, we are pretty close to being tapped out on our revolving-loan fund, but money keeps being repaid so there is always funding available,” said Kathleen Cady Schilling, executive director of Ozaukee Economic Development.
Schilling said her office also works closely with the state and municipalities so alternative loan sources are usually available.
She said the agency has been working closely with AMT on various business projects since 2008.
Schilling said she was particularly pleased to help the Galiotos secure their loan, noting the trying times many restaurant are currently facing.
“Even though they were able to line up some private financing, restaurants are finding it really difficult to get loans in today’s market,” she said.
The OED office can be reached at 268-7730.