News & Events

Local Loan Company Helps Create Jobs In Northern Michigan

Petoskey Michigan, March 18, 2014. In September of 2013 Northern Shores Loan Fund Inc, of Harbor Springs, provided a loan to Cygnus Inc for the purpose of developing a wood production line at their facility at 1701 Standish Ave. Petoskey MI. “I would recommend Northern Shores Loan fund to anyone who is interested in a business loan. Less paper work, with a helpful and friendly staff made for a pleasant experience.”  States Robert Waugh, President of Cygnus Inc.

Cygnus Inc designs and manufactures computer and medication cabinets for the healthcare market throughout the United States and abroad. They have been in business since 1988 and have fourteen distributors covering North America.

Since 2007 Cygnus has been fabricating metal components, however, customers increasingly requested more product solutions with wood finishes. Over time the wood finishes gained more popularity with healthcare facilities.

In the summer of 2013, company owner Robert Waugh worked with Cindy Hendrickson and Tim LaCroix from Northern Shores Loan Fund to bring in specialized wood processing equipment for wood parts. This equipment included a CNC wood router, spray booth, commercial table saw, lamination membrane press, drill press and other items needed for daily operations.

With wood production running daily we able to produce several thousand shaped wood parts per month for the medical line. The staffing to handle the production has started at four full-time employees and Robert foresees the need for another three employees in the future by opening the wood market to residential and industrial cabinets.

Cygnus is now able to prototype and produce parts faster with better quality control, while saving over ten thousand dollars per month by building these parts in house.

For further information you can contact Cygnus Inc at (231) 347-5404, or Northern Shores Loan Fund at (231) 347-6753.

Comments Off on Local Loan Company Helps Create Jobs In Northern Michigan