American Manufacturing, Inc. Utilizes the Port Authority’s Northwest Ohio Revolving Loan Fund Program for New Equipment

Founded in 1971, American Manufacturing, Inc. (AMI), located in Toledo, Ohio, is a leading provider of high-volume standard steel containers for major automotive manufacturers, including Stellantis, Ford, and General Motors. In addition, AMI produces a wide range of ergonomic steel equipment such as racks, pallets, carts, and dollies, which are used in automotive manufacturing and assembly operations.


AMI’s capabilities extend beyond automotive products. The company also fabricates and assembles components for various industries, including cargo carrying solutions, military vehicle brackets, aftermarket towing products, machined weldments, stamped and fabricated parts, and components for wind and energy sectors. AMI collaborates closely with customers to optimize product designs for maximum performance and cost-efficiency.


To process square and rectangular tubing, AMI has previously relied on large saws and drill presses or hydraulic punch presses. This approach is labor-intensive, time consuming, and can result in variability in product quality. AMI utilized the Port’s Northwest Ohio Revolving Loan Fund Program to secure a $300,000 loan to help finance the cost to purchase a Trumpf TruLaser Tube 7000 fiber T12 Machine. The total investment for the new equipment is $968,000, with the remaining funds being provided by Waterford Bank and a direct cash contribution from AMI. This project led to the retention of twenty jobs and is expected to create four new positions in the coming months.


This cutting-edge equipment will significantly increase AMI’s productivity and product quality, while supporting the company’s goals of investing in automation. 

About the Northwest Ohio Revolving Loan Fund


Leveraging its experience in managing various financing programs, the Toledo-Lucas County Port Authority launched its $3,000,000 Northwest Ohio Revolving Loan Fund to assist eligible businesses throughout Lucas, Ottawa, and Wood Counties in Ohio. The Northwest Ohio Revolving Loan Fund addresses a regional weakness in access to capital and supports the overall goals of the Comprehensive Economic Development Strategy (CEDS) for the region, as one job is created or retained for every $50,000 distributed.

 

Benefits of the program include:

  • Loan amounts between $10,000 and $300,000
  • Current fixed interest rate: 4%
  • A term of 5 to 10 years for equipment loans; and a term of 10 to 20 years for owner-occupied commercial real estate loans

Visit toledoport.org/loan-programs or call us at 419.243.8251 to learn more!

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