Spectrum Brands gets $4 million forgivable loan from state
Excerpted from Wisconsin State Journal
by Judy Newman
Spectrum Brands Holdings is getting a $4 million forgivable loan from the Wisconsin Economic Development Corp. to keep nearly 500 jobs at its Madison offices and to invest in its Wisconsin operations over the next five years.
It is the largest forgivable corporate loan issued so far by the WEDC, which began operating July 1 as a replacement for the state Department of Commerce.
"It's about securing those companies and their jobs that have built these communities," said Paul Jadin, WEDC chief executive officer. "Gov. Walker was very involved with (Spectrum Brands') leadership throughout this process, as well."
Terms of the deal require Spectrum Brands to maintain at least 470 full-time jobs at its corporate headquarters and technology center in Madison through Sept. 30, 2016. The company also will have to spend at least $40 million on equipment or building improvements by the same date.
If it meets those standards, Spectrum Brands will not have to pay back the $4 million or interest from the seven-year loan but it will have to reimburse the agency for the $80,000 origination fee.