Las Vegas, NV, Sep 28, 2012 -- USDA Announces $1.4 Million Loan Guarantee for Las Vegas Rock, Inc.
Meadows Bank and USDA Help with Financing; Two-Year Expansion Results in 28 Jobs
LAS VEGAS, Nevada- SEPT. 10, 2012—Acting USDA Deputy Under Secretary for Rural Development Judith Canales today announced that Las Vegas Rock, Inc., the company that produced the meta-quartzite stone utilized in projects at the MGM City Center and the Cosmopolitan, has received a $1.4 million loan guarantee from USDA. Canales said the funds will be used to purchase additional manufacturing equipment and provide working capital for the company to increase its stone cutting operations.
“This manufacturer’s stone products are used worldwide. The additional equipment will allow the company to expand operations and create additional manufacturing jobs. This is a real win for Southern Nevada, and the international exports that result are a win for the United States, too,” Canales said.
This is the second USDA loan guarantee for Las Vegas Rock. In 2011 the company received a $1.5 million loan from Meadows Bank that was also guaranteed by USDA.
Chris Schulte, President of Las Vegas Rock, Inc., expects $24 million in project work over the next three years, ranging from a Veteran’s Affairs Hospital in Fort Bliss, Texas to stone work at Kuwait University. “The equipment and working capital made possible through this Meadows Bank loan and USDA loan guarantee are absolutely essential to our business plan; without them we could not grow to keep pace with demand,” Schulte said.
Over the past two years, Las Vegas Rock has been able to purchase a state-of the art, high-speed stone cutting machine which has allowed the company to enhance stone quality and amplify production ten-fold. A total of 28 positions have been created and/or retained.