|MID AMERICA BRICK IN MO TO REFURBISH MEXICO BRICK PLANT WITH HELP OF RURAL DEVELOPMENT|
|, Jul 20, 2010
Outline Of Need: The City of Mexico used to be known as “Brick City”. The existing brick plant had been idle since 2002. When the plant closed 2,000 jobs were lost. The economy suffered with the loss of the brick plant and the income to its employees, some of whom had worked at the former plant for generations. Former plant executives and local officials wanted to bring the business back to the community.
How Rural Development Helped: Rural Development joined with other lenders and provided a guaranteed loan of $10,000,000 to Mid America Brick and Structural Clay Products, LLC. Additional funding came in the form of a Community Development Block Grant, Small Business Administration loan, Advantage Capital, Rand Capital, and Neighborhood Improvement Bonds. Total funding for the project was $20,270,000.
The Results: 70- 80 jobs will be created once the two kilns are repaired and updated. The plant is expected to produce 65 million bricks a year once it is fully operational. Mid America Brick will produce face brick for residential and commercial building construction. Construction costs across the state will be reduced because the bricks will be manufactured “in state”. The wages earned will boost the economy of this rural community. Families will have a brighter future.