On Friday, January 14, 2011, U.S. Treasurer Rosie Rios, Governor Rick Snyder, Congressman Gary Peters, Senator Debbie Stabenow, and a number of state and local legislators met at United Metal Products’ Detroit facility to celebrate the successful attraction of federal dollars, from the State Small Business Credit Initiative, in support of the innovative credit enhancement programs created in Michigan. The funding from this legislation is a success story for United Metal Products, which allowed the company to diversify by acquiring Applied Manufacturing & Engineering International, Inc., a Shelby Township defense contractor, diversify its customer base and create more jobs.
“We’re financially sound, but no banks were willing to listen to us,” said Leonard MacEachern, CEO of United Metal Products. “The banks had redlined Detroit, southeast Michigan and the state. It was very difficult to obtain any type of financing.”