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Growth Capital News
Growth Capital Loan Approvals
Date: 12/10/2007American Manufacturing & Engineering- Banking Partner: Ohio Commerce Bank
American Manufacturing and Engineering Company is a diversified industrial company providing manufacturing and consulting services to customers requiring heavy steel fabrications. The principal, Michael Perkins, has over 25 years of industry experience dating back to 1982. The company specializes in a niche market that provides innovative methods to design and build fabricated and machined engineered products including steel and alloy vessels and fabrications, products produced from plate, forging and casting, steel mill equipment, cylinders, segments, rings and blanks and custom milled products.The SBA and Ohio Commerce Bank will provide financing for the purchase and renovation of an 11,544 square foot light manufacturing facility located at 724 Lowell Street Elyria, OH.
Bezares, LLC dba United Furniture - Banking Partner: National City Bank
Francisco Bezares was the manager of United Furniture for thirty years before purchasing the business in 2005. United Furniture has been at this location since 1973.Francisco Bezares owns 50% of the company, his wife Carmen owns 24% and their sons Francisco and Michael each own 13%. United Furniture offers a wide variety of high-quality furniture at low prices.
The SBA and National City Bank will provide financing to purchase a 38,000 sq. ft. commercial building located at 13829 Euclid Avenue, East Cleveland, Ohio. The building purchased is the current location that they are leasing.
DiFranco Maintenance Group - Banking Partner - Lorain National Bank DiFranco Maintenance Group, Inc. operates a commercial landscaping company. The company does lawn care maintenance, snowplowing, and sewer and cement repair work. DiFranco Maintenance is owned by Craig DiFranco (30%) and Craig's father, Daniel DiFranco (70%). The business was started in 1980 and currently has 12 employees.The SBA and Lorain National Bank will provide financing for the purchase of a 1.4 acre parcel of land and a 5,800 sq. ft. commercial building located at 8703 Twinbrook Road, Mentor, Ohio
Walsh Manufacturing Corp. - Banking Partner - National City Bank
Walsh Manufacturing Inc. is diversified manufacturer of fabricated steel; alloy material, machined components, subassemblies and machinery. The company focuses on four core market segments that include; manufacturing parts washers, metal fabrication, equipment rebuilding and automation equipment. Walsh Manufacturing serves wide and varied markets such as the fastener industry, stamping, die casting, medical, food, plastics, automotive, consumer products and municipalities. Their customer base includes such clients as Federal Mogul, Worthington Industries, Delphi, Stamco Industries, Dana, American Airlines, TRW, The Timken Company, Alcoa, Metaldyne, Reliance Electric, Ford Motor, Parker Hannifin and Sherwin-Williams.The principals, Frank and Robert Walsh, have been actively involved in the business for over 42 years.
The SBA and National City Bank will provide financing for the purchase of a 25,000 square foot manufacturing facility located at 13825 Triskett Road Cleveland Ohio 44111. The company has operated from this location for over 40 years.
Xtreme Performance, Inc. - Banking Partner - Parkview Federal Savings Bank
Xtreme Performance, Inc. is a newly established entity and owned 100% by Steven Ali. Steve currently owns and operates Lorain-Clague Sunoco located in North Olmsted. It is a full service gas station and auto repair shop. It has been owned by Mr. Ali for the last nine years. The specialty auto repair provided at the current operation is service and customization of high-end performance vehicles such as Corvettes, Ferraris and Porsches. He was recently featured in a four page article profiled in Corvette Fever magazine demonstrating his work on a Corvette engine. The magazine has a nation and international circulation. Over the last nine years Steve and built a sizable clientele with business generated from direct referrals and marketing at various performance auto shows. Mr. Ali will now focus his business entirely on the auto repair and high-end performance niche.The SBA and Parkview Federal Savings will finance the construction of an approximately 9,000 square foot pre engineered steel building located at 38070 Center Ridge Road in North Ridgeville, Ohio.
Green Source Products - Banking Partner - KeyBank
Green-Source Products, LLC is a privately-owned start-up company affiliated with D-A-S Construction Co., headquartered in Garfield Heights, OH. Green-Source will brand itself as the "one stop shopping place" for "building green", making it a destination for clients who are interested in using ecologically-friendly construction products and services."Green building" is the practice of increasing the efficiency with which buildings and their sites use and harvest energy, water, and materials, and reducing building impacts on human health and the environment, through better design, construction, operation, maintenance, and removal - the complete building life cycle.
Green-Source manufactures a highly-efficient panelized wall system, called Green-Source Panel System. Green-Source intends to use the panel system as a point of entry into the $12 billion green building market. The National Association of Industrial and Office Properties indicates that green projects will increase 30% annually over the next five years, with another source predicting the segment could account for as much as 10% of all nonresidential construction starts in 2010.
The State of Ohio and KeyBank will provide financing to purchase office and manufacturing equipment.
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