The Northwest Side Community Development Corporation (NWSCDC), a certified Community Development Financial Institution dedicated to attracting companies and growing new jobs on the northwest side of Milwaukee, was awarded a grant to support their business-lending fund in providing a loan to Diamond Precision, a manufacturer of precision-machined components. The funds were granted to the NWSCDC by the Community Economic Development program of the Office of Community Services, Administration for Children and Families, and the U.S. Department of Health and Human Services.
“Northwest Side CDC has built a reputation for collaborating with manufacturers on economic and workforce development projects and helping to bring manufacturing jobs back to our neighborhood,” said Howard Snyder, Executive Director of the Northwest Side CDC. “We are excited to work with Diamond Precision and look forward to helping them recruit workers from the communities we serve.”
Diamond Precision plans to use the loan to expand its facility on the Northwest side of Milwaukee at 11000 W. Heather Avenue by purchasing machining equipment which will allow them to hire additional production employees to fill new contracts. Diamond plans to add up to 40 new jobs in the coming years, bringing its total Milwaukee employment to about 80 jobs as a result of its expansion. Diamond Precision machines parts for a variety of industries, such as rail and trucking, with state-of- the-art equipment. Their precision processes insure that Diamond’s customers receive quality parts with a quality performance.
NWSCDC played an integral role in the financial package when Diamond Precision initially opened their Milwaukee location in 2012. With Diamond Precision’s strong performance and growing contracts, the current expansion will provide additional equipment and new jobs in the coming years. Milwaukee Economic Development Corporation (MEDC) is also a lead financing partner in the deal, jointly funding the shared loan with NWSCDC.
“The support of MEDC allows us to leverage our resources to achieve a larger impact.” said Andrew Haug, Resource Development Manager at NWSCDC. “We are thankful for our strong relationship with MEDC and their commitment to the northwest side of Milwaukee.”