FOR IMMEDIATE RELEASE
Thursday, September 15, 2011

Treasurer Zweifel awards KC-based Standard Sheet Metal loan to purchase laser cutter and retain Missouri jobs

KANSAS CITY, Mo. – State Treasurer Clint Zweifel (ZWY-ful) visited Standard Sheet Metal in Kansas City today to announce the manufacturing and contracting company had been awarded a $590,000 Missouri Linked Deposit Program loan. The company has 77 full-time employees.

Standard Sheet Metal is using the loan to purchase a new Mazak HyperGear 612 laser cutter. The laser cutter allows for faster, more accurate and higher quality metal fabrication, along with expand bid opportunities.

“For nearly 30 years, Standard Sheet Metal and its employees have been on the job at construction projects in the Midwest, while shipping fabricated products to all 50 states,” Treasurer Zweifel said. “We are talking about projects like the Power and Light District, Municipal Auditorium, the Kemper Museum of Contemporary Art and the Kansas City, Kan., Public Schools Headquarters. Greg and his team will save an estimated $50,000 in interest costs over the next five years. Loans to Missouri-based companies, especially Missouri-based manufactures, are critical – they mean we have good jobs staying right here.”

Standard Sheet Metal was founded in 1983. It opened in a 5,000 square-foot facility, and now operates out of more than 39,000 square-feet, where it competes in the building construction arena by providing industrial and architectural sheet metal. The industrial division does work in car plants, fiberglass plants and food processing plants. The architectural sheet metal division fabricates pieces for public works projects, healthcare projects, commercial projects and school projects. Current projects include the new National Nuclear Security Agency facility in Grandview, Mo., and the Hollywood Casino in Kansas City, Kan.

“This company continues to maintain its position as a top-notch competitor within the Kansas City market, and we credit our success to the efforts of our employees and the opportunities provided by our customers,” said Greg Ryder, president of Standard Sheet Metal. “We are making substantial investments in our staff, our technology and our equipment that have allowed us to not only survive these difficult times, but grow this company into a front runner. The new laser cutting system that this loan is helping us purchase allows us to provide our customers with the technology they need to make their designs and projects come to life within their budgets.”

Enterprise Bank & Trust partnered to make this loan.

“Businesses like Standard Sheet Metal represent the growth Kanas City and Missouri are striving to achieve,” said Scott Coup, senior vice president of Enterprise Bank & Trust. “Helping this home-grown business expand in Kansas City is very rewarding. Small businesses need every advantage they can find, and the Missouri Linked Deposit Program provides them the low-interest capital they need to purchase technology, additional space or add new employees.”

The Kansas City region has received more than $60 million in loans impacting more than 1,200 jobs and farmers since January 2009. Qualifying borrowers generally save 30 percent on the cost of the loan. More than $771 million in loans have been approved statewide impacting more than 13,000 jobs and farmers.

About the Missouri Linked Deposit Program
The Missouri Linked Deposit Program is managed by State Treasurer Clint Zweifel. Missouri-based small businesses with up to 99 employees and farmers are eligible to receive a loan through the Missouri Linked Deposit Program based on lender underwriting standards. Additionally, local governments, housing developments and alternative-energy focused projects may qualify for the low-interest loans. About 130 lenders with 350 branches throughout Missouri use the Missouri Linked Deposit Program. An extensive list of participating lenders and program eligibility guidelines are online at www.treasurer.mo.gov/LinkedDeposit.