AndyMark, a Kokomo-based global robotic parts supply company, is receiving a loan from the city of Kokomo to help pay for new equipment and to retain and create jobs, as its business is trying to recover from the effects of the coronavirus pandemic.
The city’s Revolving Loan Fund Board unanimously approved earlier this month a seven-year loan of $280,000 at a 2% interest rate. The money will be used to buy new equipment to expand and diversify the company’s product line and its production capabilities, and keep more of the production process in-house as compared to outsourcing the work, which will save the business money in the long term, owner and president Andy Baker told the board.
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Tyler Juranovich can be reached at 765-454-8577, by email at tyler.juranovich@kokomotribune.com or on Twitter at @tylerjuranovich
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