July 30, 2009
Wi-Fi Sensors will receive a Community Development Block Grant Action Fund loan to finance 40 new positions, $4 million in new investment
Gov. Nixon visits Kirksville technology business to award loan for creation of new jobs and investment
KIRKSVILLE, Mo. - Gov. Jay Nixon today awarded a loan of $1 million to a Kirksville business for use in creating 40 new jobs and more than $4 million in new investment. Wi-Fi Sensors, an expanding technology business, will receive the loan through the Community Development Block Grant Action Fund administered by the state's Department of Economic Development.
"With unemployment in Missouri at its highest level in a generation, it is critical that we help our businesses get access to the resources they need to expand and thrive," said Gov. Nixon. "Economic incentives like loans from the CDBG Action Fund are essential tools in spurring growth and allowing the businesses of the twenty-first century to hire more hard-working Missourians. With Action Fund loans, high-tech companies like Wi-Fi Sensors can create quality jobs and help jump-start our economy."
Gov. Nixon announced the loan award during a visit with Deputy Director of Economic Development Katie Steele Danner to the Wi-Fi Sensors production facility, where the company's employees assemble a wide range of electronic products. The loan will allow Wi-Fi Sensors to expand its operation in Missouri. Under the terms of the loan, the company guarantees the creation 40 new jobs and new investment of $4,069,000. While guaranteeing a minimum of 40 new jobs, Wi-Fi Sensors representatives believe they may create as many as 100 new jobs through this expansion.
The jobs being created by Wi-Fi Sensors are intended to pay an average wage above Adair County's current average wage of $11.80 per hour.
The Community Development Block Grant Action Fund loan program provides loans to certain types of for-profit companies that need funds for start-up or expansion and have exhausted other sources. Recipient projects must be located in a city with a population of less than 50,000 or a county with a population under 200,000. Manufacturing, processing and assembly companies that pay wages above the county average and provide medical benefits are prioritized for award.