Record SBA 504 Loan Goes To Cleveland’s Miceli Dairy

Warrensville Heights, Ohio– Congresswoman Marcia L. Fudge (D-OH11) is pleased to congratulate Growth Capital Corp. and Miceli Dairy Products on a $5.49 million dollar loan recently awarded through the Small Business Administration’s 504 program. It is the single largest award in the history of the program. Growth Capital received the award to finance expansion of the family-owned cheese maker, Miceli Dairy located at 2721 E. 90th Street in Cleveland.

The financing will enable Miceli to proceed in 2011 with the first phase of plans for a $16 million dollar expansion. The proposed project includes building a new cheese factory and test kitchen as well as purchasing adjacent land to build a facility that transforms waste byproducts from the cheese-making process into energy. Company officials say the expansion will create up to 60 new jobs.

“Small business is the engine that drives our local and our national economy. I’m excited to see that the SBA saw the potential of Miceli Dairy, a terrific Cleveland company,” stated Congresswoman Fudge. “Beyond its solid past a promising future awaits with state of the art facilities.”

Congresswoman Fudge also noted that Miceli will directly benefit from a higher loan amount through the 504 program. The lending cap increased to $5.5 million from $4 million as a result of the Small Business Jobs and Credit Act of 2010 which the Congresswoman supported.