Steve Kagen ? Loan, But No Stimulus Money

From the Shawano Leader.

"Gillett business to benefit from federal loan program
By Tim Ryan, Leader Reporter

A federal loan guarantee program has secured much-needed financing for two regional companies that will help maintain a full work force and operations at its Gillett plant.

Verrette Materials Inc. and Champion Co. of Iron Mountain, Mich., owners of Gillett Cement Products, have received a $4.1 million loan for debt refinancing and permanent working capital.

The loan was made by Heartland Business Bank of De Pere and is guaranteed through the Business & Industry Guaranteed Loan program of the USDA’s Rural Development office.

Verrette Materials is a ready-mix concrete manufacturer with six plants located in Northeast Wisconsin and the Upper Peninsula of Michigan.

Champion is involved in construction services, production of sand, gravel and readymix concrete. The company is known for onsite concrete supply to construction projects such as electrical generating plants, petrochemical plants, dams, nuclear power plants, paper and forest industries, mining and auto assembly plants across the United States.

Dan Wentarmini of Gillett Cement Products said the loan would help ensure the company’s fleet of 32 trucks will be able to stay in operation and stave off wage freezes, cutbacks or other measures that might otherwise have been necessary.

The Gillett operations employ 45 to 50 people, Wentarmini said.

The company maxed out its line of credit last year and sought additional financing to maintain its fleet, he said.

Jeff Hudson, business loan specialist with the Rural Development office, said the federal guarantee provides additional incentives to provide financing in the currently tight economic conditions.

U.S. Rep Steve Kagen welcomed the news of the loan, which he said would save as many as 50 jobs."

Oh, it's a loan. Where is the stimulus money?

But our Congressman is saving 50 jobs. What about Carver boat?