At a news conference Friday, the Wisconsin Housing and Economic Development Authority announced that S&S Cycle will receive the money immediately.
S&S Cycle's CFO and COO Anders Stubkjaer says the low interest loans will go to help pay off higher interest loans and help the company re-tool in a slower economy.
He says, "The extra financing will help us provide some flexibility and capital to invest in the things we might not have been able to do."
Stubkjaer says the company is looking at moving into the powersports market with their products.
Between their facilities in Viola and La Crosse, S&S Cycle has approximately 180 workers.
WHEDA Executive Director Antonio Riley says that while the focus in Wisconsin is on job creation, job retention is just as important. He says, "We think this is a perfect example of our ability to retain high quality, world class jobs and at the same time, position this company for sustained growth."