State Treasurer Clint Zweifel awards $2.4 million in loans to small businesses in Camdenton and Warsaw
More than 80 jobs impacted by the loans
For Immediate Release
Thursday, September 01, 2011
State Treasurer Clint Zweifel (ZWY-ful) announced today he has awarded $2.4 million in low-interest loans to Bud/Alan Plastics in Camdenton, Mo., a custom plastic-injection molding company, and to Long Shoal Marina in Warsaw, Mo., a marina, restaurant and store.
“Long Shoal Marina and Bud/Alan Plastics have each been in business for more than 30 years, and as a state we need to support Missouri-based businesses,” Treasurer Zweifel said. “Long Shoal Marina is using its loan to expand and grow, ensuring that generations to come will enjoy the fishing and boating available at Truman Lake. Bud/Alan Plastics is positioning itself to ensure it remains competitive in the global manufacturing marketplace. The low-interest loans these two businesses are being provided ensure they stay strong in these difficult times and provide jobs.”
Bud/Alan Plastics was originally located in Springfield, Ill., where it was started by Orville “Bud” Krenzer in the family garage. It is now solely owned by his son, Alan Krenzer who moved the business to Camdenton. Bud/Alan Plastics produces many custom products, including housewares and lawn and garden parts. It also manufactures fully-assembled products, including the Vigoro hand-held spreader and dog treats for a nationally-known pet food company. Apart from the injection molding process with state-of-the-art equipment, the plant has engineering services and the capability to design and build aluminum and steel molds using Unigraphics, a 3-D cad-cam software.
The $1.5 million in low-interest loans for Bud/Alan Plastics will save it an estimated $130,000 over the next five years should it choose to take out loans for that length of time. The business currently has 18 full-time employees.
“We are proud of the business we have built over the last 30 years,” Krenzer said. “We have worked hard to ensure that the high-quality products we ship reflect the strong employees and community values of this area. The low-interest loans we have received will help us remain competitive with our current customers and enable us to accept new customers by expanding our manufacturing capacity, thereby increasing employment opportunity in central Missouri. We believe it is very important for the state of Missouri and the federal government to have programs like this to help small businesses compete.”
This loan was made in partnership with Commerce Bank.
The $950,000 low-interest loan for Long Shoal Marina will save it an estimated $100,000 over five years should it choose to take out loans for that length of time. Long Shoal Marina provides overnight and seasonal slip rentals, an indoor fish cleaning station, an experienced guide service, a restaurant and a store. The business has eight full-time employees and up to 26 seasonal employees. Throughout the course of the remodel and expansion more than 33 jobs will be impacted thanks to the construction, plumbing and electrical work needed on the main building.
“My family is proud to continue the tradition of Long Shoal Marina on Truman Lake,” said Don Eckers, owner of Long Shoal Marina. “When we purchased this business in 2003, we knew there would be a need to make upgrades and changes to ensure its continued success. Thanks to the Missouri Linked Deposit Program, we are able to continue to make the updates we need to expand. This means more jobs and a better experience for our customers.”
This loan was made in partnership with First Community Bank.
Mid-Missouri has received more than $224 million in loans impacting more than 3,000 jobs and farmers since January 2009. More than $735 million in loans have been approved statewide impacting more than 12,000 jobs and farmers. Qualifying borrowers generally save 30 percent on the cost of the loan.
About the Missouri Linked Deposit Program
The Missouri Linked Deposit Program is managed by State Treasurer Clint Zweifel. Missouri-based small businesses with up to 99 employees and farmers are eligible to receive a loan through the Missouri Linked Deposit Program based on lender underwriting standards. Additionally, local governments, housing developments and alternative-energy focused projects may qualify for the low-interest loans. About 130 lenders with 350 branches throughout Missouri use the Missouri Linked Deposit Program. An extensive list of participating lenders and program eligibility guidelines are online at www.treasurer.mo.gov/LinkedDeposit.