Grand Traverse Machine in Traverse City recently secured a $50,000 loan from Venture North’s Development Fund to purchase a new mill and honing machine for its operation. The company also tapped Cherryland Electric Cooperative’s Economic Development Loan Fund for a $120,000 zero interest loan, for a total of $170,000.
GT Machine President Mike Alfonso said the specialized precision tooling equipment acquired with the loans has helped the company secure new supply contracts in the military and railroad sectors, picking up work from several locations around the country.
“It’s really expanded our capabilities in that regard,” Alfonso said. The company is presently working seven days a week at their plant, employing approximately 60 full-time workers. He anticipates hiring another 8 to 10 employees over the next year.
More information on business financing programs available through Venture North is available at www.venturenorthfunding.org