July 10, 2023 | OHIO DEPARTMENT OF DEVELOPMENT | Link to Article: CLICK HERE
(COLUMBUS, Ohio) The Ohio Department of Development today announced funding for economic development, business expansion, and job creation and retention in three Ohio communities.
The Ohio Controlling Board today approved $2.9 million in funding from the Rural Industrial Park Loan and Regional 166 Direct Loan programs.
“Investment in our companies is key to long-term growth and success,” said Lydia Mihalik, director of Development. “Expansion projects like these not only benefit the company, but their current and future employees, and their local community, all in the heart of opportunity.”
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. The program was recently funded under the state budget and can award up to $15 million in loans each fiscal year.
The Regional 166 Direct Loan Program provides low-interest loans to business with limited access to capital from private sources of funding.
Ohio entities receiving grants are:
Top Property Holdings, LLC (Mahoning County) will receive a $2 million Rural Industrial Park Loan to assist in financing the construction of a 76,000 square-foot warehouse and light manufacturing building. Construction is part of the Phase 1 development of a 45-acre industrial park in North Jackson, Mahoning County. The loan will also support construction of roadway and utility infrastructure. Approximately 66 jobs are expected to be created as a result of this project.
Martin Brothers Enterprises, LLC (Lucas County) will receive a $300,000 Regional 166 Direct Loan to assist in financing the purchase of a 6,000 square-foot commercial building in Toledo. The site will serve as the headquarters for Martin Management Properties, LLC, facilitating future growth and employment. The site will also house an insurance company in the remaining building space. Approximately 6 jobs are expected to be created as a result of this project.
BCFAB Inc. (Putnam County) will receive a $667,500 Regional 166 Direct Loan to assist in financing the construction of a new 14,875 square-foot commercial building and the purchase of new powder coating equipment in Fort Jennings. The project will support the company with future business growth and employment opportunities. Approximately 5 jobs are expected to be created as a result of this project.
The Ohio Department of Development empowers communities to succeed by investing in Ohio’s people, places, and businesses. Learn more about our work at development.ohio.gov.