Wisconsin Department of Commerce Newsletter
May 2004
Minority Owned Plastics Manufacturer Receives Governor's Commendation

Custom Service Plastics (CSP), a certified Minority Business Enterprise (MBE) company has received a commendation from Governor Jim Doyle. Commerce Deputy Secretary David Storey presented the award on Friday, May 14th at the company's Ribbon Cutting and Grand Opening celebration at its new Lake Geneva facility.

Owner Minoo Seifoddini first contacted Commerce to structure a working capital loan, attract new customers, develop a sustainable business plan, and attract training grant funds for her workforce. Seifoddini rebuilt the company, increased sales, and contacted Commerce's Minority Business Development Area Development Manager, Mary Perich. CSP had doubled its sales and were in need of working capital. MBD staff worked closely with Seifoddini and VP John Stewart to structure a finance package that made sense.

As the company continued to experience explosive growth, the need for financing grew critical. First Banking Center of Lake Geneva, the Wisconsin Business Development Corporation and Commerce partnered to put a financing package together. . In October 2003, as part of the Governor's Grow Wisconsin initiative, Commerce's Minority Business Development Board approved a $100,000 equipment loan to CSP.

Seifoddini believes CSP's dynamic growth and global success is the product of her company's dearly held values of exceptional quality, perseverance, and marketplace agility. This project includes investment of $700,000 for infrastructure improvements and equipment. CSP is on track to increase its workforce by 25 percent by mid year 2004. This expansion will create 31 new positions and leverage $1.1 million in additional private-sector investment.

-- Mary Perich

The newsletter is issued electronically every other month.

Please send comments or questions to Barbro McGinn, editor.

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