Northwest Side Community Development Corporation Awarded OCS Grant to Finance Diamond Precision Products Expansion

MILWAUKEE (Oct. 23, 2017) – The Northwest Side Community Development Corporation (NWSCDC), a certified Community Development Financial Institution dedicated to attracting companies and growing new jobs on the northwest side of Milwaukee, was awarded a grant to support their business-lending fund in providing a loan to Diamond Precision, a manufacturer of precision-machined components. The funds were granted to the NWSCDC by the Community Economic Development program of the Office of Community Services, Administration for Children and Families, and the U.S. Department of Health and Human Services.

“Northwest Side CDC has built a reputation for collaborating with manufacturers on economic and workforce development projects and helping to bring manufacturing jobs back to our neighborhood,” said Howard Snyder, Executive Director of the Northwest Side CDC. “We are excited to work with Diamond Precision and look forward to helping them recruit workers from the communities we serve.”

Diamond Precision plans to use the loan to expand its facility on the Northwest side of Milwaukee at 11000 W. Heather Avenue by purchasing machining equipment which will allow them to hire additional production employees to fill new contracts. Diamond plans to add up to 40 new jobs in the coming years, bringing its total Milwaukee employment to about 80 jobs as a result of its expansion. Diamond Precision machines parts for a variety of industries, such as rail and trucking, with state-of- the-art equipment. Their precision processes insure that Diamond’s customers receive quality parts with a quality performance.

NWSCDC played an integral role in the financial package when Diamond Precision initially opened their Milwaukee location in 2012. With Diamond Precision’s strong performance and growing contracts, the current expansion will provide additional equipment and new jobs in the coming years. Milwaukee Economic Development Corporation (MEDC) is also a lead financing partner in the deal, jointly funding the shared loan with NWSCDC.

“The support of MEDC allows us to leverage our resources to achieve a larger impact.” said Andrew Haug, Resource Development Manager at NWSCDC. “We are thankful for our strong relationship with MEDC and their commitment to the northwest side of Milwaukee.”

About Community Economic Development

Community Economic Development (CED) is a federal grant program funding Community Development Corporations that address the economic needs of low-income individuals and families through the creation of sustainable business development and employment opportunities.

For more information on the CED Program, please visit http://www.acf.hhs.gov/ocs/programs/ced

About Northwest Side Community Development Corporation

The Northwest Side Community Development Corporation (NWSCDC) has served the economic development needs of Milwaukee’s low-income communities since 1983. Our mission is to enhance the standard of living on the Northwest Side by improving the business environment for our low-income communities through community economic development.  NWSCDC is a certified Community Development Financial Institution (CDFI) with a business-lending fund dedicated to attracting companies and growing new jobs in our target market. Visit http://nwscdc.org/ for more information.