County approves $485,000 loan in support of Greenfield manufacturer
Lead Summary
By
Rory Ryan-hcpress@cinci.rr.com
GREENFIELD – After working for many months to secure revolving loan funding for C-Mold in Greenfield, Highland County commissioners’ efforts reached fruition this week.
Despite a potential last-minute funding obstacle regarding previous loans on existing equipment, commissioners agreed Wednesday to move forward with the loan.
“I think it is a justifiable risk worth taking,” Commissioner Gary Heaton said at Wednesday’s board meeting. “It’s a good risk.”
“This is a good risk for business and job creation. Overall, the positives outweigh the negatives. Greenfield needs this,” Heaton continued. “They have suffered a lot of job losses.”
“Yes, we have to finish this,” Commissioner Tom Horst said Wednesday.
One day later, commissioners did just that, during a check presentation to C-Mold.
Commission President Shane Wilkin said the loan was achieved through a grant from the state which totaled $495,000. This, in turn, was used to form a revolving loan fund. Money is loaned out and repaid to the county with interest, Wilkin said.
“As it is paid back, the county may then again loan out the dollars,” he said.
The total loan to C-Mold Acquisitions is $485,000 at 3-percent interest, to be paid back in seven years.
A total of $10,000 is being paid to the Ohio Valley Regional Development Commission (OVRDC) for loan administration.
“OVRDC, John Hemmings and his entire staff have been key in this process and deserve many thanks,” Wilkin said. “They made the state feel more comfortable since it has been several years since Highland County has participated in this program.
“Had we not been a member of OVRDC and not had access to them, I would have serious doubts about receiving this grant without them.”
Wilkin said the grant will help save 60 jobs in this Greenfield plastics manufacturing facility, with additional job creation likely.
According to C-Mold General Manager Tom Madru, the loan has already led to an additional 10 jobs.
Wilkin credited the region’s economic recovery coordinator for his assistance in bringing the deal together.
“Rafeal Underwood (economic recovery coordinator for Highland, Clinton and Fayette counties) was very instrumental in assisting the county in acquiring these funds,” Wilkin told The Highland County Press.
“He was able to act as the liaison between the county, OVRDC and the Ohio Department of Development. We look forward to furthering our relationship with Mr. Underwood and exploring all of the economic development opportunities and ideas that he can provide us with.
“Scott Kaplan and Todd Goldman are the key leaders at C-Mold who we were dealing with on this matter,” Wilkin added.
“Although I warned them about the time this would take – we began this process last June – they have been good to work with and patient throughout this process. They took over operations last October.”
Commissioners also recognized Sen. John Carey, Rep. David Daniels, Highland County Chamber of Commerce President Katy Farber, Ohio State University Extension Agent Rose Fisher Merkowitz and Fifth Third Bank for their efforts.
“Without their participation and assistance, this deal would not have been possible,” Wilkin said.
John Fittro, president of Fifth Third Bank’s Southern Ohio Market, said: “Fifth Third is very excited for C-Mold, and we were happy to be a part of this transaction.
“We enjoyed the opportunity to work with everyone involved, from the business owners to the state and county officials. We were glad to be a part of this exciting news for Highland County.”
“This is a very bold move for C-Mold and very good news for Greenfield and all of Highland County,” Daniels said. “They should be well-positioned for the future.”
“As we face unprecedented economic times and challenges, I hope this shows that although we may be changing our direction and approach to economic development, we are far from giving up,” Wilkin said.
“Highland County is still a great place to do business with an available and very capable quality workforce.”
As first reported at www.highlandcountypress.com, commissioners recently announced that the county’s economic development office was closing at the end of March.
Wilkin said commissioners are taking a more active role in pursuing economic opportunities for the county and are working closely with the regional economic recovery coordinator.[[In-content Ad]]
Despite a potential last-minute funding obstacle regarding previous loans on existing equipment, commissioners agreed Wednesday to move forward with the loan.
“I think it is a justifiable risk worth taking,” Commissioner Gary Heaton said at Wednesday’s board meeting. “It’s a good risk.”
“This is a good risk for business and job creation. Overall, the positives outweigh the negatives. Greenfield needs this,” Heaton continued. “They have suffered a lot of job losses.”
“Yes, we have to finish this,” Commissioner Tom Horst said Wednesday.
One day later, commissioners did just that, during a check presentation to C-Mold.
Commission President Shane Wilkin said the loan was achieved through a grant from the state which totaled $495,000. This, in turn, was used to form a revolving loan fund. Money is loaned out and repaid to the county with interest, Wilkin said.
“As it is paid back, the county may then again loan out the dollars,” he said.
The total loan to C-Mold Acquisitions is $485,000 at 3-percent interest, to be paid back in seven years.
A total of $10,000 is being paid to the Ohio Valley Regional Development Commission (OVRDC) for loan administration.
“OVRDC, John Hemmings and his entire staff have been key in this process and deserve many thanks,” Wilkin said. “They made the state feel more comfortable since it has been several years since Highland County has participated in this program.
“Had we not been a member of OVRDC and not had access to them, I would have serious doubts about receiving this grant without them.”
Wilkin said the grant will help save 60 jobs in this Greenfield plastics manufacturing facility, with additional job creation likely.
According to C-Mold General Manager Tom Madru, the loan has already led to an additional 10 jobs.
Wilkin credited the region’s economic recovery coordinator for his assistance in bringing the deal together.
“Rafeal Underwood (economic recovery coordinator for Highland, Clinton and Fayette counties) was very instrumental in assisting the county in acquiring these funds,” Wilkin told The Highland County Press.
“He was able to act as the liaison between the county, OVRDC and the Ohio Department of Development. We look forward to furthering our relationship with Mr. Underwood and exploring all of the economic development opportunities and ideas that he can provide us with.
“Scott Kaplan and Todd Goldman are the key leaders at C-Mold who we were dealing with on this matter,” Wilkin added.
“Although I warned them about the time this would take – we began this process last June – they have been good to work with and patient throughout this process. They took over operations last October.”
Commissioners also recognized Sen. John Carey, Rep. David Daniels, Highland County Chamber of Commerce President Katy Farber, Ohio State University Extension Agent Rose Fisher Merkowitz and Fifth Third Bank for their efforts.
“Without their participation and assistance, this deal would not have been possible,” Wilkin said.
John Fittro, president of Fifth Third Bank’s Southern Ohio Market, said: “Fifth Third is very excited for C-Mold, and we were happy to be a part of this transaction.
“We enjoyed the opportunity to work with everyone involved, from the business owners to the state and county officials. We were glad to be a part of this exciting news for Highland County.”
“This is a very bold move for C-Mold and very good news for Greenfield and all of Highland County,” Daniels said. “They should be well-positioned for the future.”
“As we face unprecedented economic times and challenges, I hope this shows that although we may be changing our direction and approach to economic development, we are far from giving up,” Wilkin said.
“Highland County is still a great place to do business with an available and very capable quality workforce.”
As first reported at www.highlandcountypress.com, commissioners recently announced that the county’s economic development office was closing at the end of March.
Wilkin said commissioners are taking a more active role in pursuing economic opportunities for the county and are working closely with the regional economic recovery coordinator.[[In-content Ad]]