updated: 7/24/2006 10:59:27 AM
CSI Electronics in Kokomo says it will use a new $50,000 low-interest loan from the City of Kokomo to relocate to a larger facility.
The company says it will retain its current workforce of 29 and will be able to add six new employees over the next year. CSI specializes in electronics application engineering and assembly.
Source: Inside INdiana Business
CSI Electronics of Kokomo will receive a $50,000 low-interest loan from the City of Kokomo's Revolving Loan Fund (RLF) to help it purchase equipment and relocate to a larger facility. According to the City's director of development, Jason Hester, the loan will help the company retain all 29 of its current employees and hire another six over the next year.
"CSI is another one of our local high-tech success stories," said Hester. "Our Revolving Loan Fund program is designed to help companies grow in Kokomo by providing low-interest gap financing, and we're pleased to assist CSI during this exciting time for their company."
CSI Electronics, an ISO 9001:2000 registered company, specializes in electronics application engineering and assembly. It assembles products that are specifically geared to meet its customers' needs through its ability to provide low-volume automated assembly, IPC hand assembly to Class 1, 2 and 3 standards, and unique custom-machined enclosures to data converters.
According to Shep Beyland, president of CSI Electronics, the company was at one time almost completely dependent on providing products and services to local employer Delphi. Over the last few years, however, they have diversified their customer base while growing their business at the same time.
"By providing our market with creative electronics application engineering and assembly solutions, we've been able to attract more customers," said Beyland. "The skill set and work ethic of the local workforce and the support we've received from the City's economic development team makes staying in Kokomo a natural choice for our expansion."
In addition to providing assistance through the RLF program, the City also recently approved a $5,900 grant to the company through the City's Job Training Grant Program. The Kokomo-Howard County Development Corporation (KHDC) also assisted CSI by helping the company find a new site for its expanded operations in Kokomo.
CSI will also receive funding from Community First Bank of Howard County who is matching dollar for dollar the $50,000 RLF loan amount.
Vice-president Bob Hickman commented on Community First's involvement.
"The focus of Community First's commercial lending effort is to help local companies like CSI Electronics succeed and grow," said Hickman.
"The partnership between the RLF and our bank allows us to provide help that might not otherwise be available, which in turn results in new jobs and economic growth and prosperity for our community. The RLF fund is a great asset for the city of Kokomo, and Community First is very happy to participate in the program."
More information on Kokomo's pro-business environment and its incentive programs is available by contacting Director of Development Jason Hester at (765) 456-7375 or by logging onto the City's website at www.CityofKokomo.org. For additional community data and available site listings, visit www.KHDC.org. To learn more about CSI, visit www.csielectronics.com.
Source: City of Kokomo