Loan allows Whitewater business to expand
D.R. Plastics, a recycling company located in the city's business park, was approved for a $150,000 business loan from Whitewater Community Development Authority. The funds will help expand operations, purchase new machinery and create about eight jobs.
It's the first time in four years a development loan was granted through the Community Development Authority. Dan's Meat Market, which has since closed, was the last to receive it.
"This is the first business development loan that our CDA has made in quite some time," City Manager Kevin Brunner said, "and I hope that this is indicative of our local economy starting to turn around. We hope to assist others in business expansions in the future."
Whitewater businesses were hit harder than most last year. Credit collections company Sallie Mae closed, leaving 116 people out of work. That came a month after rubber products manufacturer Trostel Ltd. announced 87 permanent layoffs.
But Husco International, a hydraulic and electrohydraulic controls manufacturer, in October received a $606,000 state grant allowing it to create 90 jobs at its Whitewater plant. Wal-Mart managers said their store will add more jobs later this year when its expansion into a Supercenter is completed.
D.R. Plastics received the loan at a 4 percent interest rate. The terms stipulate that any jobs created must be available to low- to moderate-income workers and maintained for a set period of time.
"We are pleased that we are able to expand our Whitewater operations with the financial assistance of the (CDA)," D.R. Plastics President Russ Blakeley said in a news release. "This loan has allowed our firm to purchase new machinery equipment to not only add employees, but improve our market position. Whitewater is a good place to do business."