Posted: 11/5/02

Wyoming extends Sunrise agreement

Alice Pickering
Wyoming Area Reporter

Consistent with its stated position to attract and retain solid businesses to the city, Wyoming City Council Monday night voted to grant an extension to the loan agreement between Sunrise Fiberglass Corp. and the city.

The Wyoming Industrial Park business had been granted a loan from the Department of Trade and Economic Development to expand its production facility. The money comes from a revolving loan fund, which as it is repaid, becomes available to assist other businesses.

The original loan was for $198,000 to enable business owners to expand Sunrise Fiberglass.

Kirsten Barsness, who monitors the progress of the company, told the city council this week the company is current on repayment of the loan at about $31,000 a year.

One of the conditions to secure the loan is to create jobs for the city. Until Rieck has met employment requirements, the funds accumulate and earn interest.

Once the company is producing at full capacity, the funds can be loaned out to other companies.

Between the petroleum crisis and the state of the economy, the business has not expanded as much as originally anticipated. However, this is a break-even year for the business.

Barsness told council that Sunrise Fiberglass is meeting all obligations for the grant, except generating the jobs.

Sunrise has not reached employment goals yet, but in the last six months has added about 10 employees. The company is also seeking to add a number of skilled employees.

Barney Rieck, one of the owners, has a positive outlook for next year and is developing some new processes and components.

Barsness said it is not uncommon to extend such agreements. Based on projections for growth of the company, she recommended granting the extension.

The original loan is for two years. There is no substantive change to the loan agreement, just an extension for a year.

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