Michigan Stamping Company Finds Funding From Credit Union
OMNI Community Credit Union recently was featured in Business Week magazine for financing Wolverine Metal Stamping of St. Joseph. Wolverine Metal Stamping has been trying to diversify beyond automotive clients. A fund sponsored by the Michigan Economic Development Corp. is providing collateral so companies can get loans to shift away from autos.
With help from the MEDC-sponsored Michigan Supplier Diversification Fund, the 65-person, $15 million Wolverine is finally getting its loan. OMNI is lending $2.5 million while getting $1 million in collateral support from the fund. Wolverine has brought back almost half the 30 workers laid off this year and plans to rehire the rest by summer.
