Market News / Story
Art's Way Manufacturing Secures $956,000 Equipment Term Loan From Bank Midwest
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Art's Way Manufacturing entered into a term loan to finance a new fiberoptic laser and crane system for its Agricultural Products segment. The $956,000 equipment loan carries a 6.65% interest rate for the first 60 monthly payments, then resets to 1-month SOFR plus 3.1% for the remaining 120 payments, with an initial monthly payment of $8,456. Management expects the financing to support an equipment upgrade replacing a 2007 CO2 laser and improve production efficiency.…