Columbus – Ohio Department of Development Director Mark Kvamme has announced that loans valued at more than $5.4 million have been recommended by the Development Financing Advisory Council. The loans support five economic development projects that are expected to leverage an additional $11.1 million in capital investment. The funds, pending State Controlling Board approval, are also expected to create 270 jobs and retain 127 positions for Ohioans.Algaeventure Systems, Inc. (Union County) has been awarded $1.5 million from the Research and Development Investment Loan Fund. The loan will be used to purchase machinery and equipment for the production of products for sale primarily to the Solid Liquid Separation market. Algaeventure Systems is a frontrunner in the algal industry as well as the filtration separation and water remediation industries that contract the development of its solid-liquid separation technology. The $2.5 million project is expected to create 200 jobs and retain 20 positions.
Iosil Energy Corporation (Franklin County) has been awarded $1.25 million from the Research and Development Investment Loan Fund. The loan will be used for the purchase of machinery and equipment that will produce solar grade polysilicon and to lease space for manufacturing and office needs. Founded in 2002, Iosil Energy is uniquely positioned in the solar photovoltaic industry with a breakthrough technology for the production of high-purity polysilicon. Iosil Energy manufactures polysilicon and offers a service to recover and re-use silicon waste from the wafer-sawing operations. The $5 million project is expected to create 20 jobs.
PercuVision LLC (Franklin County) has been awarded $1.4 million from the Innovation Ohio Loan Fund. The loan will enable the company to purchase medical equipment and protect intellectual property while supporting the creation of customer demonstration units. PercuVision developed a visual catheter that mitigates patient discomfort, pain, and injuries resulting in high-risk blind urinary catheterizations. The $1.9 million project is expected to create 14 jobs and retain 14 positions.
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Stewart Ratcliff Aviation Services Inc. dba AircraftLogs (Franklin County) has been awarded $554,000 from the Innovation Ohio Loan Fund. The loan will assist in capitalizable software development costs supporting the enhancement of reporting and compliance software for the aviation industry. AircraftLogs provides internet-based aviation data management systems for corporate and private aircrafts, and recordkeeping support and services to corporate flight departments. The $740,500 project is expected to create 11 jobs and retain 53 positions.
Znode, Inc. (Delaware County) has been awarded $750,000 from the Innovation Ohio Loan Fund. The loan will assist in capitalizable software development costs to enhance the capabilities of the company’s e-commerce software, resulting in additional user experience features, increased scalability, enhanced online franchising, improved reporting, and easy-to-deploy mobile features. Znode is an e-commerce consulting company and an e-commerce developer whose customers include some of the leading global brands. The more than $1 million project is expected to create 25 jobs and retain 40 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 Innovation Ohio Loan Fund assists existing Ohio companies in developing next-generation products in industry sectors that include: advanced materials; instrument, controls, and electronics; power and propulsion; biosciences; and information technology. The Research and Development Investment Loan Fund provides financing for projects primarily engaging in research and development activity.
Working with our partners across business, state and local governments, academia, and the nonprofit sector, the Ohio Department of Development works to attract, create, grow, and retain businesses through competitive incentives and targeted investments. Engaged every day in marketing, innovating, investing, and collaborating, the Ohio Department of Development works at the speed of business to accelerate and support the teamwork that is necessary for success by providing financial, informational, and technical assistance to those making an investment in Ohio’s future.
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