The Wahpeton Economic Development Commission (EDC), acting as the Jobs Development Authority, approved at a Monday afternoon meeting an interest buy-down loan for WCCO Belting. The buy-down is not to exceed $45,000 and will be used for a large piece of equipment necessary to meet their customer orders.
Tom Shorma, WCCO Belting, Inc. CEO, said Tuesday the piece of equipment is a large press, similar to the three purchased after the expansion announced in August of 2008.
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The funding source of the loan is the Jobs Development Authority mill levy, which carries an adequate balance for this project, according to Priebe. The $45,000 is Wahpeton's share of the $600,000 Bank of North Dakota loan.
"The EDC, when they act as the Jobs Development Authority, they are the final authority for funding the projects," Priebe said. "They chose this funding source because it is about jobs development."
The company is still taking applications for employment.
"[WCCO] Belting is actually a bright spot with the way the economy is right now in that they continue to grow steadily," Priebe said. "It's how they add jobs to the community while at the same time trying to meet the demands of their customers."
WCCO Belting takes rubber and engineered textile fabrics and combines them under heat and pressure to manufacture rubber conveyor belting for farm equipment.
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