State announces more than $2.2M investment in growth of Ohio businesses

The Ohio Department of Development recently announced that more than $2.2 million in funding is being provided to enhance the growth of three Ohio businesses.

As part of the Regional 166 Direct Loan Program, the Ohio Controlling Board approved the funding for two businesses in central Ohio and one in northeast Ohio.

“We strive to provide companies with the tools they need to be successful,” said Lydia Mihalik, director of the Ohio Department of Development. “Partnering with small businesses truly is an investment in the future.”

The Regional 166 Direct Loan Program provides low-interest loans to businesses with limited access to capital from private sources of funding.

Mil Properties, LLC will receive $390,000 to assist in financing the construction of a 9,600 square-foot building addition in Rootstown, Portage County. The company is committed to adding 10 full-time jobs and retaining 34 existing positions because of the project.

Pin Real Estate LLC will receive $876,000 to assist in financing the purchase of a 13,281 square-foot building on 2.5 acres in Gahanna, Franklin County. The company has committed to adding six full-time jobs and retaining nine existing positions because of the project.

SMB Property Company LLC will receive $950,000 to assist in financing the purchase of a 22,000 square-foot industrial property in Columbus, Franklin County. The company is committed to adding six full-time jobs and retaining 29 existing positions because 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.