Columbus, OH – January 28, 2008 – 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,” said Lt. Governor Lee Fisher, 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. Wayne Homes is a residential home builder headquartered in Green, Ohio, and builds approximately 500 custom homes annually ranging from 1,300 square feet to 3,200 square feet on customer-owned lots. Wayne Homes is the market leader in Ohio among custom builders that actually construct the house on site using local subcontractors and material suppliers. This $2.2 million investment is expected to support the retention of 66 full-time jobs.
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. ABC Manufacturing began as a start-up company in April 2007 with rented facilities and equipment and temporary workers in the manufacturing of conveyor systems. Now that the company has selected its Malta location, it requires a significant amount of equipment including CNC lathes, cutters, press brakes, IR ovens laser cutters, and plasma cutters. This approximately $1.1 million project is expected to create 200 full-time jobs over the course of the first three years of the project’s initial operations.
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. Founded in 1955, Gem City Metal Technologies is a premier metal forming company that has expanded its capability to include precision automatic metal spinning, laser cutting, high pressure hydro forming, metal stamping, tool and die design, secondary machining, and punching. The purchase of the new equipment will enable Gem to move work in-house that is currently being outsourced. This $1.2 million project is expected to create 25 full-time and secure 23 at-risk jobs in the first three of the project’s initial operation.
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. Hexion serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products, and technical support for customers in a diverse range of applications and industries. The company is the world’s largest producer of binder, adhesive, coatings, inks, and thermosetting resins, or thermostats. The approximately $2.1 million project will facilitate the proposed combination of Hexion and the Huntsman Corporation corporate staff, and is expected to create 200 and retain 241 full-time jobs in the first three of the project’s initial operation.
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. National Bronze & Metals is one of the United States’ leading manufacturers and master distributors of brass, bronze, and copper alloys. The company supplies more than 100 different copper alloys from stock with many other bronze alloys made in order to meet the exact requirements and demands of its customers. The company will purchase equipment for the manufacture of copper-based alloys using both a vertical casting process and a horizontal process, as well as an existing facility owned by an associate company. The approximately $5.9 million project is expected to create 32 and retain 40 full-time jobs.
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. A. M. Todd purchases, processes, and resells essential oils, manufactures flavor compounds and botanical extracts, and imports wholesale commodities for resale to customers worldwide. The acquisition and renovation of a facility in Hamilton will accommodate the relocation of the company’s non-mint flavor operations from Kalamazoo, MI. Expansion into the new facility will allow the company to increase its production by at least 20 times their current production. This more-than-$2 million project is expected to create 30 and retain 19 full-time jobs.
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. Zebra Mobile is located in the Hamilton County Business Center incubator and creates and distributes mobile media software services that enable information publishers to deliver customized, personalized mobile content that is quick and easy to access. This $2.5 million project is expected to create nine full-time jobs in the first three of the project’s initial operation.
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.
