Tony Hozeny, Department of Commerce, 608/267-9661
MADISON – Gov. Jim Doyle today announced that two Wisconsin businesses will share up to $90,000 in loans from the Department of Commerce Rural Economic Development (RED) and Milk Volume Production (MVP) Program. The loans were made at the RED Board meeting held August 16 in Madison.
“My ‘Grow Wisconsin’ plan calls for investing in our traditional industries, like agriculture,” Governor Doyle said. “I am pleased to help these individuals upgrade and expand their businesses and invest in Wisconsin’s farm economy.”
The following summarizes the successful proposals:
Five Star Dairy, LLC, Elk Mound, Dunn County, $50,000
Five Star Dairy, LLC will use the funds to purchase 100 cows to increase milk production in Wisconsin. RED funds will leverage an additional $130,000 in financing and private equity to complete the project. Five Star Dairy anticipates creating one position in addition to the 16 already existing in Elk Mound.
Udeen Trucking, Inc., Superior, Douglas County, $40,000
Udeen Trucking, Inc. will use the funds to help purchase a new dump truck. The total project costs are $370,062 with matching funds being used for construction and purchasing the truck. The company provides trucking and excavating services in Douglas County and the surrounding areas.
Wisconsin dairy producers, both existing and start-up, are eligible to apply for the MVP Program. Awards are made on a competitive basis.
The RED Program, administered by Commerce, helps small rural businesses start-up and expand their operations. For more information on the MVP and RED Programs, contact your area development manager by visiting www.commerce.wi.gov/BD/MT-FAX-0901.html.