State Investing Nearly $2 Million to Support Businesses, Bolster Communities

(COLUMBUS, Ohio) - The Ohio Department of Development today announced the release of nearly $2 million through three state-funded programs created to support community enhancement and fuel business growth.

Four projects will be funded through the Regional 166 Direct Loan Program, with one community receiving a Roadwork Development Grant, and one community benefiting from the Rural Industrial Park Loan program.

REGIONAL 166 DIRECT LOAN

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

Balance Investment LLC will receive $665,000 to assist in financing the renovations of a 7,208-square-foot, one-story warehouse building at 2861 Sferra Avenue NW in Warren (Trumbull County). Balance Investment LLC is the real estate holding company formed to hold the project real estate and lease the same to the operating company, Dawn Incorporated, which is a full-service construction company specializing in commercial, industrial, and federal contractor services. The project, estimated to cost $1,015,000, will create four new full-time-equivalent jobs and retain 34 existing jobs at the project site.

AMG Products, LLC will receive $375,000 to assist in financing the purchase of two 150-ton stamping presses, two coil feed systems and palletizers, stamping lube systems, two scrap handling conveyors, and other equipment at 1375 Newark Road in Mount Vernon (Knox County). AMG Products, LLC specializes in the manufacturing of metal gaskets and custom shims and spacers. The project, estimated to cost $500,000, will create four new full-time-equivalent jobs and retain 16 existing jobs at the project site.

Site Waste Service, LLC will receive $196,000 to assist in financing the purchase and renovation of a 2,500-square-foot general office building located at 4299 Lockbourne Road in Columbus (Franklin County). Site Waste Service, LLC specializes in waste hauling using roll-off dumpsters. The project, estimated to cost $490,000, will create 10 new full-time-equivalent jobs and retain 70 existing jobs at the project site.

All Tech Manufacturing Ltd. will receive $88,456 to assist in financing the purchase of a DMG Mori NLX 2500/700 milling machine at 1477 Industrial Parkway in Akron (Summit County). All Tech Manufacturing Ltd. is a machine shop that operates in the industrial, commercial machinery, and computer specialization industries. The project, estimated to cost $221,141, will create five new full-time-equivalent jobs and retain 21 existing jobs at the project site.

For more information about how to apply and to find out if a project is eligible, go to the Regional 166 Direct Loan Program page.

RURAL INDUSTRIAL PARK LOAN

The Rural Industrial Park Loan Program promotes economic development by providing low-interest direct loans to eligible applicants for financing the development and improvement of industrial parks and related off-site public infrastructure improvements.

The Georgetown Port Authority will receive $375,000 for financing the purchase of 41 acres of commercial real estate known as the White Oaks Assets property located at 9158 Mt. Orab Pike in Georgetown (Brown County). The Georgetown Port Authority is proposing to invest $500,000 in development of the project to attract industrial companies, create future jobs, and enhance growth and economic development in Georgetown and Brown County.

For more information about how to apply and to find out if a project is eligible, visit the Rural Industrial Park Loan Program page.

ROADWORK DEVELOPMENT GRANT

The Roadwork Development Grant (629) program provides funding to local jurisdictions with an economic development project to assist with eligible public roadwork improvements. It also aids employers in creating or preserving employment opportunities.

The City of Columbiana (Columbiana County) will receive $198,000 in support of the R&L Carriers, Inc. project. The roadwork will consist of the relocation of the truck entrance to the R&L Carriers facility at 1320 Heck Road. The new entrance will realign Nulf Drive and be located 270 feet to the west of the current entrance. The project will accommodate increased traffic, resulting from the expansion of the R&L Carriers, Inc. facility, and will improve safety and maneuverability at the intersection. The project, estimated to cost $364,185, will create 40 new full-time-equivalent jobs and retain 480 jobs at the project site.

For more information about how to apply and to find out if a project is eligible, visit the Roadwork Development Grant (629) program page.

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/.

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