ST. MARYS – Midwest Electric recently provided a $100,000 loan to 3 Way Machine & Tool Company, a full-service job shop located in Maria Stein, to assist with the purchase of an existing building in Marion Township Industrial Park.
“3 Way Machine has an established growing business and needs additional space to purchase new CNC milling and tool-making equipment,” Midwest Electric Business Development Coordinator Dave Waltermire said. “The two owners, Dave Moorman and Brad Feltz, have the experience and reputation for producing precision CNC products for both low- and high-volume runs. With the new facility and equipment, they will be able to expand their products and increase efficiency.”
With additional contracts, the company also will hire additional employees to further grow the business, adding local jobs to Mercer County.
As 3 Way Machine repays Midwest Electric, those payments go in the co-op’s Economic Development Revolving Loan Fund, serving as a pool of money for future loans to small area businesses and government entities.
Midwest Electric has made more than $2 million in low-interest loans through this program while supporting regional groups’ economic development efforts, boosting local jobs and quality of life and lending a helping hand within the co-op’s communities.
3 Way Machine and Tool Supply has been in business nearly 20 years, offering services anywhere in the United States, including tool, die and fixture design, and one-off prototyping. With a wealth of on-site equipment including CNC mills and lathes, 3D printers and welding equipment, the shop handles all types of materials ranging from thermoplastics to mild steel and even MDF board.
To learn more about 3 Way Machine, call 419-925-7222 or visit 3waymachine.com.
For more information about Midwest Electric’s Revolving Loan Fund, visit https://midwestrec.com/economic-development or call the office at 800-962-3830. Minimum loans are $5,000; other qualifications apply.
Based in St. Marys, Midwest Electric is the not-for-profit, customer-owned electric cooperative serving 11,000 homes, farms, and businesses in Allen, Auglaize, Mercer, Van Wert, Shelby, Putnam and Darke counties. To learn more, visit www.midwestrec.com.