Two proposals for business expansion were presented Monday during the Brainerd City Council regular meeting.
Local area businesses Stern Assembly and L & M Steel made separate requests of council for grant funds to help expand their business.
Stern Assembly requested a $50,000 Federal Minnesota Investment Fund (MIF) revolving loan from the Missota/Wausau grant for equipment purchase. L & M Steel requested a $75,000 Federal MIF revolving loan from the same grant for real estate acquisition.
“I am very excited to speak on behalf of both of these business expansions,” said John Gunstad of Brainerd Lakes Area Economic Development Corporation (BLAEDC).
Gunstad said that the request from Stern Assembly comes with the business looking to relocate from Riverton into a new facility with new equipment in the Brainerd Industrial Park.
“This relocation allows for (Stern Assembly) to expand and at a savings,” said Gunstad. “And most importantly, they will be able to retain the 29 positions from Riverton and add a minimum of six new positions.”
L & M Steel would also retain its current employees with additions. The company is working on purchasing the former Nordecord building in order to continue the L & M Steel business after the recent purchase of the L & M site by Crow Wing Recycling.
Gunstad said by moving L & M into the vacant Nordecord building, also located in the Brainerd Industrial Park, the business’s new owners would be able to retain the five current employees and create two positions.
“All in all, it’s a win-win situation,” he said.
Council unanimously approved both requests.