Economic development loans create jobs in Ohio

Ohio Lieutenant Governor Lee Fisher today announced that loans valued at more than $12 million have been recommended by the Development Financing Advisory Council to support seven economic development projects. The funds, which are pending State Controlling Board approval, are expected to retain 412 positions and create 496 jobs.

"The State is pleased to invest in companies striving to maximize their potential growth through additions in equipment or infrastructure improvements," Fisher said, who also serves as director of the Ohio Department of Development. "Lending financial assistance to these companies helps to position them to achieve that next level of success."

New NV Co., LLC, dba Wayne Homes, located in Uniontown (Summit County), has been awarded a $1.2 million 166 Direct Loan at an interest rate of 1 percent for the first year and 4 percent for the remainder of the seven-year term to acquire a 26,100-square-foot headquarters facility.

ABC Manufacturing, Inc., located in Malta (Morgan County), has been awarded a $750,000 Pioneer Rural Loan at an interest rate of 2 percent for the first three years, and 3 percent for the remainder of the seven-year term to purchase new machinery and equipment.

Gem City Metal Technologies, LLC, located in Dayton (Montgomery County), has been awarded a $600,000 166 Direct Loan at an interest rate of 3.5 percent for the 10-year term for the purchase of machinery and equipment for its Dayton facility.

Hexion Specialty Chemicals, Inc., located in Columbus (Franklin County), has been awarded a $650,000 166 Direct Loan at an interest rate of 4 percent for the 10-year term to purchase furniture and fixtures to be located at its Columbus facility.

National Bronze & Metals, Inc., located in Lorain (Lorain County) has been awarded a $1 million 166 Direct Loan at an interest rate of 3 percent for the 10-year term, and a $4.5 million Ohio Enterprise Bond Fund Loan for a 10-year term at an interest rate to be determined later for the purchase of new foundry equipment at its Lorain facility and an existing facility.

A. M. Todd Company, located in Hamilton (Butler County), has been awarded a $2.175 million Ohio Enterprise Bond Fund Loan for a 15-year term with an interest rate of to be determined later to acquire and renovate an existing building to be located in Hamilton.

Zebra Mobile, Inc., located in Cincinnati (Hamilton County), has been awarded a $1.25 million Innovation Loan Fund at an interest rate of 8.75 percent for the six-year term to be used for capitalizable software development costs and the purchase of computer equipment for its Cincinnati facility.

The 166 Direct Loan program provides loans for land and building acquisition, expansion or renovation, and equipment purchase. The Innovation Ohio Loan Fund assists existing Ohio companies develop next generation products in industry sectors that include: advanced materials; instrument, controls and electronics; power and propulsion; biosciences; and information technology. The Ohio Enterprise Bond Fund provides funding for land and building acquisition, construction, expansion or renovation, and equipment purchases for commercial or industrial projects between $1.5 million and $10 million. The Rural Industrial Park Loan program provides loans to rural, distressed local communities and other eligible applicants for real estate and infrastructure investments to develop well-planned industrial parks. The Pioneer Rural Loan program provides loans for land and building acquisition, expansion or renovation, and equipment purchase in designated areas. The Development Financing Advisory Council approves all low interest, long term, fixed asset loans for companies considering expanding in or relocating to Ohio.