COLUMBUS ' Lisa Patt-McDaniel, Interim Director of the Ohio Department of Development, has announced that loans valued at nearly $12.7 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 create 245 positions and retain 500 jobs.
The Development Financing Advisory Council approved the following expansion projects:
IRG Batavia I, LLC, located in the Village of Batavia (Clermont County), has been awarded a $6.1 million Ohio Enterprise Bond Fund loan at a rate to be determined for a 14-year term. The loan will support the acquisition and renovation of a former Ford Motor Company facility to be marketed as a multi-use tenant facility. The project at this 1.8 million square foot facility is expected to create 85 jobs.
Nordson Corporation, located in the City of Westlake (Cuyahoga County), has been awarded a $1.5 million 166 Direct Loan at an interest rate of 3 percent for a 15-year term. The loan will support costs associated with the construction of a 29,000 square-foot building. This more than $5 million project is expected to retain 45 jobs.
Limbach Company, LLC, located in the City of Columbus (Franklin County), has been awarded a $500,000 166 Direct Loan at an interest rate of 3 percent for a seven-year term. The loan will support costs associated with the purchase of machinery and equipment to be located at its facility. This nearly $1.7 million project is expected to create 28 positions and retain 115 jobs.
Sandridge Food Corporation, located in the City of Medina (Medina County), has been awarded a $2 million 166 Direct Loan at an interest rate of 3 percent for a 10-year term. The loan will support costs associated with the purchase of machinery and equipment as well as an addition to an existing building. This more than $6.2 million project is expected to create 50 positions and retain 328 jobs.
AssureRx, LLC, located in the City of Maineville (Warren County), has been awarded $1.2 million from the Innovation Ohio Loan Fund at an interest rate of 1 percent for the first year, then 6 percent for the remainder of the six-year term. The loan will support costs associated with capitalizable development, the purchase of computer and laboratory equipment, and intellectual property acquisition and protection. This $1.6 million project is expected to create 30 jobs and will assist the company in retaining seven positions.
Pallas Systems, LLC, located in the City of Springfield (Clark County), has been awarded $600,000 from the Innovation Ohio Loan Fund at an interest rate of 1 percent for the first year, then 7 percent for the remainder of the six-year term. The loan will support costs associated with capitalizable development and the purchase of computer equipment. This $800,000 project is expected to create 40 jobs and will assist the company in retaining one position.
Abison, Inc., located in the Villlage of Hartville (Stark County), has been awarded an $840,000 Innovation Ohio Loan Fund at an interest rate of 1 percent for the first year, then 6 percent for the remainder of the six-year term. The loan will support costs associated with software development. This $1.1 million project is expected to create 12 jobs and will assist the company in retaining four positions.
The Development Financing Advisory Council approves all low interest, long term, fixed asset loans for companies considering expanding in or relocating to Ohio.
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.
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