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Standard Sheet Metal has received a $590,000 low-interest loan from the state of Missouri to finance the purchase of a high-tech laser cutter.

The Kansas City company, which has 77 employees, said Thursday that the laser cutter could produce faster, more accurate and higher-quality metal fabrication. It will also help the company be more competitive in bidding for jobs.

Funding for the equipment came from the Missouri Linked Deposit Program. Enterprise Bank & Trust was a partner on the loan with the Missouri treasurer’s office.

The company expects the new financing to allow it to save about $50,000 in interest costs over the next five years.

“We are making substantial investments in our staff, our technology and our equipment that have allowed us to not only survive these difficult times but grow this company into a front-runner,” Greg Ryder, president of Standard Sheet Metal, said in a statement.

Standard Sheet Metal was founded in 1983 and provides industrial and architectural sheet metal. Its current projects include the Hollywood Casino near Kansas Speedway in Kansas City, Kan., and the National Nuclear Security Agency plant in Grandview.

Other recent projects have included the Power & Light District in downtown Kansas City, Municipal Auditorium and the Kemper Museum of Contemporary Art.

The Kansas City area has received more than $60 million in loans through the state program since January 2009.

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