Page 25 - WHEDA Annual Report 2014

“I hadn’t heard of WHEDA; I didn’t know anything about them,” said Tom Benitz. “But, working with WHEDA was relatively easy because they knew what they were doing,” Tom continued. “They seemed like people you’d want to do business with.”
Security Financial Bank requested WHEDA provide $1.3 million in WPLP loan participation, on a one-year $3.3 million construction loan. WHEDA approved the loan which allowed for a major expansion with new facilities that included a milking parlor, a free stall facility with nine pens, alley scrapers, and a manure pit. Construction began in July 2013 and was completed in December 2013.
Before the expansion, Benitz Farms had 195
cows. Now the farm has over 800 cows, a 310 percent increase. The farm’s new milking parlor also resulted in increased average daily milk production from 85 pounds to 94 pounds per cow. The business investment was also instrumental in Benitz Farms adding 13 new employees. The farm sells its milk to Associated Milk Producers Inc., which uses it to produce cheese.
The WPLP program was created to provide Wisconsin businesses with financing that could not otherwise be secured through traditional lending. Through strong, proactive lender partners such as Security Financial Bank, WHEDA is able to offer innovative financing to help small businesses fulfill their dreams for a brighter future.
WHEDA AnnuAl REpoRt 2014
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