Monitoring the economic pulse of the Triad
Manufacturer plans to expand operations in Guilford
Ziehl-Abegg plans to expand its production facility in Guilford County by creating 42 jobs and investing $2.5 million, Gov. Beverly Perdue announced last week. The German company, which manufactures elevator drivers, motors, industrial fans and control systems, received a $60,000 grant from the One North Carolina Fund. The Greensboro City Council also approved a $52,000 corporate incentives grant for the company in February.
Business incubator inks financing deal for move
The Nussbaum Center for Entrepreneurship, a Greensboro business incubator, has accepted a term letter with Stonehenge Capital Co. involving $2 million in New Market Tax Credits to help pay for renovations of its new building on South Elm Street in Greensboro. If the nonprofit abides by the terms of the tax credits, the loan principal will be forgiven after seven years, spokesman Clay Howard said.
The center is vacating its current location at Revolution Mill to allow the owner to complete renovations and to find a permanent home. Staff hopes to complete a move to the old Carolina Steel building on South Elm Street by the end of the year. The new location is near a tract of land under redevelopment by the city.
President and CEO Sam Funchess said the center will continue to raise funds to cover an additional $400,000 in construction costs.
Trio picks up new franchise in sign business
Vince, Ivy and Matt Cvijanovic have purchased the Winston- Salem franchise of Sign-A-Rama. The trio already owns the Greensboro franchise. They plan to consolidate production services at their Greensboro location on Spring Garden Road and expand the Winston-Salem location on South Stratford Road as a showroom. The trio will hold a ribbon-cutting ceremony at the Winston-Salem location on April 20.