Beloit company plans big expansion
The family-owned company now leases about 6,000 square feet of space in the Beloit Ironworks campus. It is working with the facility's owner, Hendricks Commercial Properties, to increase its footprint to 16,000 square feet.
Established in 1949, State Collection Service specializes in first- and third-party services. It works with companies to manage their receivables before they become problems and also offers debt collection services.
It has nearly 300 employees across a three-state territory, is licensed to operate nationwide and is certified by the Association of Credit & Collections Professionals.
"State Collection Service has continually enjoyed above average growth, and we have consistently lead the receivables industry by maintaining our place on the cutting edge of technology and collection techniques," said Tom Haag, the company's chairman and chief executive officer. "We are proud of the relationship that we have maintained with the city of Beloit, its residents and we look forward to strengthening those relationships during the coming years."
James Otterstein, Rock County's economic development manager, said the company's expansion is another example of the growing economy in Rock County.
"This project is symbolic of the investment activity that is continually gravitating toward the Ironworks campus," he said.
State Collection Service and other companies, he said, have started out small but have posted incremental growth.
"We're very excited to be able to expand in Beloit, particularly with the economic difficulty the community has faced for the last couple of years," said Mona Sen, a company spokeswoman.
Sen said the company has about 45 employees in Beloit, and the new additions will all be to that office.
State Collection Service has its headquarters in Madison and other offices in Minnesota and Illinois.