State investing nearly $300K to support Lucas County business expansion project
As part of its ongoing work to bolster small-business growth across the state, the Ohio Department of Development recently announced the release of funds from its Regional 166 Direct Loan Program.
The Ohio Controlling Board approved the release of $285,900 to Hale Performance Coatings, Inc., to assist with the company’s project in Lucas County.
“Small businesses are big business in Ohio, and we’re dedicated to making sure the resources are there for whatever size project Ohio’s entrepreneurs dream up,” said Lydia Mihalik, director of Development. “We know that when small businesses succeed, the entire state succeeds.”
The Regional 166 Direct Loan Program promotes economic development, job creation and retention by providing low-interest loans to businesses with limited access to adequate capital from private funding sources.
Eligible projects include those related to industry, commerce and distribution, and research activities, with loans up to $1 million. Priority may be given to eligible projects with higher wages and job creation commitments in a distressed area of the state. A special loan dollar-to-job ratio is not required.
Through the program, $285,900 provided to Hale Performance Coatings, Inc. will assist in financing the purchase of a Cincinnati Roll Grinder machine located at 2284 Albion Street in Toledo. Hale Performance Coatings, Inc., is a high-quality plating and metal finishing company.
As a result of the project, with state assistance provided, Hale Performance Coatings, Inc., has committed to creating three new full-time equivalent jobs and retaining 73 existing jobs.
The Ohio Department of Development empowers communities to succeed by investing in Ohio’s people, places and businesses. Learn more at development.ohio.gov.
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