CELINA - Midwest Electric awarded Ergo Desktop a $100,000 economic development loan, the utility announced Tuesday.
Ergo is a rapidly growing company that makes adjustable desktops with separate shelves for keyboard and monitor. The desktops allow employees to stand while working, providing ergonomic and health benefits.
Ergo is building a 23,000-square foot manufacturing and office facility to meet rising sales. The company presently has 18 employees and will add four with the expansion.
The Midwest Electric revolving loan fund was created in 2005 with a $300,000 grant from USDA Rural Development. As loans are repaid to Midwest Electric, with interest, the fund grows. Since its inception, the fund has made six loans to rural communities and small businesses totaling $665,000, supporting 43 jobs.
The fund provides supplemental, or gap, financing. The applicant must obtain a majority of its project funds from a bank as well as a minimum 10 percent owner equity.