State Investing More Than $3 Million to Support Business Expansion Projects

(COLUMBUS, Ohio) - The Ohio Department of Development today announced the release of more than $3 million through an impactful program designed to fuel small-business growth across the state.

Five companies will receive funding from the Regional 166 Direct Loan Program, which promotes economic development, job creation, and retention by providing low-interest loans to businesses with limited access to adequate capital from private funding sources.

"A major part of our mission at Development is helping Ohioans make their business dreams become a reality," said Lydia Mihalik, director of the Department of Development. "The choice to establish or move a business here to Ohio is a commitment to growth and success in a state that not only values entrepreneurship and business success, but that will stand by you every step of the way."

JHATCP, LLC will receive $1 million to assist in financing the purchase and renovation of a 65,500 square-foot existing building at 315 South West Street in Lebanon (Warren County). JHATCP, LLC is the real estate holding company that will own the project real estate and lease 100 percent of the project property to CSI Acquisition Corp., which manufactures Automatic Teller Machines (ATMs) and provides commercial art and graphic design services for ATMs in the computer and peripheral equipment manufacturing industry. The project, which is estimated to cost $3,043,500 total, will create 20 new full-time-equivalent jobs.

11062 Beaver Rd. LLC will receive $1 million to assist in financing the purchase of commercial real estate and financing improvements to the real estate, including constructing an access drive, additional concrete parking for the truck fleet, renovation of office space, and installation of electrical fixtures on a 31-acre parcel at 10830 Beaver Road NW in Johnstown (Licking County). 11062 Beaver Rd. LLC is the real estate holding company formed to hold the project real estate and will lease 100 percent of the project property to Hope Timber Pallet and Recycling, LLC. The project, which has an estimated total cost of $4,641,100, will create eight new full-time-equivalent jobs and retain 114 existing jobs at the project site.

Michael G. Kassos Living Trust, and co-borrower Premium Meats, Inc., will receive $700,000 to assist in financing the construction of a 6,000 square-foot building addition at 829 High Street in Warren (Trumbull County). Michael G. Kassos Living Trust is the real estate holding company that will own the project real estate and lease 100 percent of the project property to Premium Meats, Inc., a manufacturer of beef patties, pork patties, cooked sausage, beef sticks and more, specializing in Greek delicacies that include gyros, souvlaki, and pita bread. The project, which has an estimated total cost of $3.5 million, will create three new full-time-equivalent jobs and retain 31 existing jobs at the project site.

5320 Stanard Ave., LLC will receive $268,448 to assist in financing the purchase of a 9,938 square-foot building at 5320 Stanard Ave. in Cleveland (Cuyahoga County). 5320 Stanard Ave., LLC will lease 100 percent of the project real estate to Lunch Owl Cleveland, LLC, which specializes in preparing fresh personalized lunches for more than 65 Northeast Ohio companies whose employees typically work in the office. The project, which has an estimated total cost of $400,000, will create 10 new full-time-equivalent and retain 18 existing jobs at the project site.

61 Railroad LLC will receive $87,500 to assist in financing the purchase of a 13,394 square-foot building at 61 Railroad Street in Canfield (Mahoning County). 61 Railroad LLC will lease 100 percent of the project property to Converse All Steel Services, Inc., which provides custom steel burnouts with an oxy-fuel torch and hi-def plasma torch for structural steel construction projects. The project, which has an estimated total cost of $875,000, will create two new full-time-equivalent jobs and retain 14 existing jobs at the project site.

Through the Regional 166 program, 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.

The Ohio Department of Development is committed to providing access and inclusion and reasonable accommodation in its services, activities, programs, and employment opportunities in accordance with the Americans with Disabilities Act (ADA) and other applicable laws. To request a reasonable accommodation due to a disability please contact the ADA Coordinator as soon as possible.

The Ohio Department of Development empowers communities to succeed by investing in Ohio's people, places, and businesses. Learn more about our work at https://development.ohio.gov/.

Public link

Please use the above public link if you want to share this noodl on another website.