County Executive Falk Announces Business Loan To Preserve Jobs in Middleton
December 13, 2005
Top Promotions, Inc. of Middleton will receive a loan of $250,000 from Dane County to ensure the company remains locally owned and operating in Dane County, County Executive Kathleen Falk announced today.
In response to a possible sale of the company to an outside firm, company founder and CEO, Craig Reisdorf, pursued financing to purchase outstanding shares and retain operations and employment in Dane County. The County approved financing to Top Promotions through its Economic Development Revolving Loan Fund. The State Bank of Cross Plains financing will provide financing of $1.1 million towards the stock purchase. The county loan is scheduled for County Board approval on Thursday, December 15, 2006.
Top Promotions supplies decorated apparel and advertising specialty products, provides promotional products and services that promote customer's identities and support their branding strategies. They employ 55 people at their Middleton plant.
This loan will help keep good-paying jobs in Dane County, and promote local ownership,” said Falk. “These are key goals of the economic development revolving loan fund.”
The Economic Development Revolving Loan Fund received funding through the Wisconsin Department of Commerce, in the form of a Community Development Block Grant (CDBG) grants. The Fund provides financing assistance to area businesses, for economically viable job creation or retention projects that cannot be fully financed through conventional lenders. It has provided financing of $460,000 in the last three years to area businesses. Loan payments are used for additional business loans.
Dane County also provides financing assistance for commercial revitalization projects through a second fund, the Commercial Revitalization Loan Fund. For more information about the County’s economic development funds, contact Dane County Community Development at (608) 261-9871 or firstname.lastname@example.org.
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Topf Wells, 266-9069 or
Steve Steinhoff, 266-4270