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Cross-town move puts Sipe Steel Rule Die closer to customers
Printers, manufacturers and graphic designers across the upper Midwest know that Sipe Steel Rule Die is the place to go for a variety of services to make them look good to their own clients. For 35 years, Sipe has cut, foiled and folded both common and exotic materials to create color swatch cards, dramatic artistic presentation folders and point-of-purchase displays using steel rule dies they make in-house.
President Steve Hatlem says, "Over the last ten years we have upgraded our equipment to be state of the art. We've developed a work force that understands the details required to satisfy graphic designers and printers. Now we have the facility that makes us easily accessible to our customers and provides the space we needed to operate efficiently."
Sipe Steel Rule Die, generally known as Sipe, moved into a 19,000 square foot building in August, increasing its plant floor space by over 50 percent. In doing so, it moved from Woodburn east of Fort Wayne to a location near the interchange of I-69 and state roads 33 & 30. Most of Sipe's 25 employees are skilled machine operators who recognize the importance of location to the company’s customers and made the move to the larger, more convenient plant.
Star Financial Bank, Fort Wayne and Indiana Statewide Certified Development Corporation provided SBA 504 financing.
Angela Grant of Star Financial says, "This was the perfect financing at the perfect time for Sipe Steel."
Indiana Statewide CDC and local lenders provide the SBA 504 loans. Congress created the SBA 504 program to help small businesses gain favorable financing terms and retain operating cash while expanding.
"The SBA guarantees bonds that are sold to finance a portion of the loan so we can offer a low, fixed interest rate for as long as 20 years," says Jean Wojtowicz, executive director of the Indiana Statewide CDC. "The guarantee also allows borrowers to pay as little as ten percent down," she adds. A conventional business loan usually requires a down payment of more than 20 percent and does not offer a long-term, fixed interest rate.
Indiana Statewide CDC has helped create or save more than 26,000 Hoosier jobs with the SBA 504 program.
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