$3.8M in state support invests in growth, expansion of Ohio businesses
The Ohio Department of Development last week announced $3.8 million in funding to support the growth and expansion of Ohio businesses.
The Ohio Controlling Board approved funding from the Rural Industrial Park Loan and Regional 166 Direct Loan programs.
“In Ohio, we’re supporting companies big and small and making sure they have the capital they need to grow,” said Lydia Mihalik, director of the Ohio Department of Development. “We’re not only investing in the future of these Ohio businesses but in the lasting success and prosperity of our communities.”
The Rural Industrial Park Loan Program provides low-interest, direct loans to assist eligible applicants in financing the development and improvement of industrial parks and related infrastructure improvements. Funds for the program were provided in the state budget and up to $15 million in loans can be awarded each fiscal year.
Minford EAS Holdings LLC will receive a $2.1 million Rural Industrial Park Loan to assist in financing the construction of an industrial service building in Portsmouth, Scioto County.
Located within the 300+ acre Southern Ohio Aeronautical Regional Airport (SOAR) Business Park the company plans to construct a 6,400-square-foot, eight-bay garage to house emergency vehicles and equipment with a 3,200-square-foot office and quarters for on-duty EMTs. The new project facility will provide improved emergency services to the SOAR Business Park and to the airport and surrounding communities, and in turn will enhance the future growth of the aviation side of the business park. The company expects to create two jobs and retain eight jobs as a result of this project.
The Regional 166 Direct Loan Program provides low-interest loans to business with limited access to capital from private sources of funding.
Keller’s Fine-Line Welding LLC will receive a $80,748 Regional 166 Direct Loan to assist in financing the purchase of new machinery and equipment at their site in Kent, Portage County. The additional equipment will support the company to perform more sophisticated welding functions facilitating business expansion and employment growth. The company expects to create two jobs and retain four jobs as a result of this project.
TSC Tipp, LLC will receive a $1 million Regional 166 Direct Loan to assist in financing the construction of a 40,000-square-foot commercial building in Tipp City, Miami County. The new building will increase capacity and efficiencies for the operating company, The Service Company, Inc., which provides truck repair, parts and maintenance services, facilitating future growth and employment. The company expects to create six jobs and retain 70 jobs as a result of this project.
DRS Industrial LLC will receive a $579,175 Regional 166 Direct Loan to assist in financing the purchase of new machinery and equipment. The company primarily serves the aerospace, automotive, appliance, consumer, construction, medical, and telecommunications industries. The new equipment will support their need to increase machining precision and speed to expand future company operations. The company expects to create three jobs and retain 42 jobs as a result of the project.
The Ohio Department of Development empowers communities to succeed by investing in Ohio’s people, places and businesses. Learn more at development.ohio.gov.