A West Toledo machining firm is the 25th business to benefit from a U.S. Small Business Administration loan program involving the city of Toledo, officials said yesterday.
Mayor Jack Ford and City Councilman Wade Kapszukiewicz yesterday presented a mock check for $14,750 in city funds to David Gonzalez, president of Toolcomp Tooling & Components Corp.
The company, 5261 Tractor Rd., received the grant along with an $88,500 SBA-backed loan from National City Bank to help buy a new milling machine. Mr. Gonzalez put up an amount equal to the city's grant. The machine costs $118,000.
The machine shapes metal parts to precise tolerances. Mr. Gonzalez said the machine's precision and speed make him more competitive in bidding on jobs. "Customers are ordering in smaller lots, so we need flexibility," he said.
He said the current market for tool-and-die shops is weak, but expressed confidence that the economy would improve.
Gilbert Goldberg, district director of the Cleveland SBA office, said 174 jobs have been promised in connection with the 25 loans made since early 2003 and 11 loans are pending.