United Metal Products, a Detroit metal stamping and forming business which primarily supplies the auto industry, received assistance from the Michigan Economic Development Council (MEDC) allowing United Metal Products to secure loans totaling $2.6 Million. The MEDC assistance came through $1.5 Billion of federal funding from the Small Business Credit Initiative bills, sponsored by Congressman Gary Peters and passed into law in October, 2010, to provide what small business has been sorely lacking in this economy – access to financing for expansion, diversification and job creation.
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.”