GRAND RAPIDS — Grand Rapids-based Jedco Inc. is expanding and planning to move from its current location.
The producer of complex sheet metal and machined fabrications currently operates at 1615 Broadway Ave. NW, near the intersection with Richmond Street. Its space spans three adjacent facilities, totaling 125,000 square feet. Jedco is planning to move facilities in 2021 due to the “tremendous growth” it has seen over the last several years.
The Michigan Strategic Fund Board this week voted to contribute more than $1.9 million in collateral to a $16.7 million loan that Jedco and its NTN LLC subsidiary is receiving from Macatawa Bank. Jedco applied for the funds under the Michigan Economic Development Corp.’s Capital Access Program, which began in 2009 and assists small business and financing lending institutions by providing collateral support or loan participation.
“The loan is related to increasing working capital availability for the company as they continue to grow,” said Josh Hundt, executive vice president and chief business development officer for the MEDC.
Details about the company’s planned relocation remained unclear. Representatives at Jedco could not be reached for comment Thursday.
Jedco is a $42 million company that employs more than 200 people. The company anticipates adding 27 full-time employees within the next six months, and an additional eight employees within the next two years, according to MEDC documents. With the immediate growth, Jedco expects sales to increase by $6 million in 2020.
In 2018, Jedco invested $9 million in new machinery and equipment at its current location as part of a previous expansion.
EDITOR’S NOTE: This story has been updated from its original version.