Contact: Joshua Wescott, Office of the County Executive (608) 267-8823 or cell (608) 669-5606
Dane County Looks to Extend $350,000 Loan to Rapidly Growing Local Business
Dane County Executive Kathleen Falk announced today the county intends to provide a $350,000 economic development loan to help an innovative, locally-owned business expand its operations in DeForest and create dozens of new jobs.
The company, Imagination Trends, is a new graphics retail manufacturing company that teamed up with licensee holder and distributor, Retail Sales Solutions to mass produce interactive play posters under a Disney license. Imagination Trends estimates sales to reach $4.5 million by the 2010 holiday season. Toy Story 3, Cars, Princesses, and the Great Fairy Rescue are the first of these posters being produced with others to follow, including scenes from your favorite Marvel Comic characters. Imagination Trends estimates production of these “You Make a Scene” poster boxed sets of these movies will generate 25-35 new full-time jobs. Some of these will include employment opportunities for Department of Vocational Rehabilitation clients who have disabilities that might otherwise limit their ability to work.
“We’re proud to help this home-grown Dane County business create more new jobs and expand its production of fun and exciting products for kids and families,” County Executive Kathleen Falk said.
The $350,000 Dane County loan, combined with $400,000 in private equity investment, will be used to buy high-tech printing equipment to help Imagination Trends process orders and generate revenue needed to secure a Small Business Administration bank loan. That additional capital will help buy nearly another $1-million in equipment to mass produce the company’s interactive merchandise.
“It’s challenging to find banks and lenders willing to take a chance on an up and coming locally-owned business like Imagination Trends, but securing this loan through Dane County will help us turn our innovative vision into reality,” Lisa Pertzborn-Whiting, CEO of Imagination Trends said.
In addition to working with their distributor that holds the Disney license, Imagination Trends is creating samples for Universal Studios/Harry Potter and other national brands that will soon be seen on store shelves for the holiday season.
Imagination Trends is located at 7208 Gene Street, Suite 101 in DeForest. The company works with RSS of Waunakee, a sales, marketing, and distribution partner, to provide their merchandise for retailers.
“This application is one of the best opportunities for Dane County’s economic growth. This is the kind of business we want in our county so I’m very proud to have been able to help out,” said Supervisor Dennis O’Loughlin, lead sponsor of the resolution authorizing the loan.
“In creating a fun, interactive product for kids, Imagination Trends will add up to 35 jobs, increase the business of local suppliers, use eco-friendly, recyclable materials and implement an innovative process that will lower energy consumption,” said Supervisor Patrick Miles, Chair of the Economic Development Committee. “This is a worthy endeavor and I’m happy Dane County can assist Imagination Trends build successful business in our community.”
The $350,000 Dane County Community Development Block Grant (CDBG) Economic Development Revolving Loan has a ten-year term with an interest rate of 5.25%.
The loan application was reviewed and recommended by the Dane County CDBG Commission and the CDBG Revolving Loan Subcommittee. A resolution authorizing the loan will be introduced to the full Dane County Board tonight (Thursday, June 3rd, 2010). Pending approval by the County Board and signature by the County Executive, the $350,000 loan will be granted to Imagination Trends.
