Geringhoff Chooses to Repay State Loan, Look to Future
ST. CLOUD -- A farm implement manufacturer in St. Cloud has chosen to pay back a portion of a state loan used to start-up operations after failing to hire the necessary workers.
Geringhoff Manufacturing has decided to pay back a prorated portion of the $500,000 loan rather than seek an extension.
Geringhoff Chief Financial Officer Kevin Kouba says the agricultural economic conditions have been less than ideal recently, but he wants the community to know Geringhoff is poised for a strong future at the St. Cloud plant. Kouba says it would have been great to provide more jobs, but they are operating the company in a prudent manner and are focused on long-term, sustainable jobs. He says Geringhoff didn't want to add jobs only to lay-off those workers if they weren't sustainable.
The Minnesota Investment Fund loan was to offset start-up costs in 2013 and help provide 75 jobs. Kouba says they came up short of the 75 required jobs but says the positions they were able to fill are long-term sustainable jobs.
Geringhoff builds equipment for combines at their 110,000 square-foot plant at 3405 Energy drive in St. Cloud.]