Pinnacle Machine Needs Government-backed Loans
Don Miller, plant manager and co-owner of Pinnacle Machine need 1.6 million government-backed loans for Pinnacle Machine. With those funds Miller was able to make some upgrades to the building, including energy-efficient lighting. Miller also was able to purchase the building at 3432 W which he had been leasing, the Highview Drive. Pinnacle Machine produces components used in water purification and power generation.
Miller said “But perhaps one of the most helpful things the loan helped us to do was hire more people.” This firm employs 32, with at least 10 machinists, some positions and entry-level jobs for people with three to five years of experience. The Small Business Administration (SBA) program which more commonly known as the Jobs Bill was funded through the Small Business Jobs Act of 2010.In last fall, President Barack Obama signed this program.
Miller’s Company use this program to help them to do was hire more people. The Jobs Bill helped the SBA raise its lending ceiling from $2 million to $5 million, said SBA director for the Wisconsin District Eric Ness. The SBA has provided 1,411 loans to Wisconsin businesses, totaling $612 million between Oct. 1 and April 27. Manufacturers now are the top borrowers in Wisconsin, growth in that business sector and signaling investment, said Ness.