State investing more than $4.6M to strengthen businesses, communities
The Ohio Department of Development recently announced the release of more than $4.6 million to support business growth and community enhancement, as the Ohio Controlling Board approved funding from the Rural Industrial Park Loan and Regional 166 Direct Loan programs.
“We’re committed to providing companies with the funding they need to retain and add new jobs,” said Lydia Mihalik, director of Development. “The millions of dollars approved today will help transform these communities and impact the lives of residents for years to come.”
The Rural Industrial Park Loan program provides low-interest direct loans to assist eligible applicants in financing the development and improvement of industrial parks and related off-site public infrastructure improvements in eligible rural areas.
Through this program, Agracel, Inc. will receive $2.5 million to assist in financing land acquisition and the construction of a 100,000 square-foot speculative industrial building on State Route 29 in Celina. The project, with a total cost of $5.33 million, will create at least 25 full-time equivalent jobs.
The Regional 166 Direct Loan Program provides low-interest loans to businesses with limited access to capital from private funding sources. Four businesses were approved for funding:
RCFM Holdings, LLC will receive $937,500 to assist in financing the purchase of a 30,000 square-foot building at 1436 Martin Road in Mogadore. The project, which totals $1.25 million, will create seven full-time equivalent jobs, and retain 20 existing jobs.
PDF Properties, LLC will receive $720,000 to assist in financing the purchase of a 20,000 square-foot building at 7500 Montgomery Drive in Plain City. The project, which totals $1.8 million, will create six full-time equivalent jobs, and retain 78 existing jobs.
Rolling Properties, LLC will receive $328,800 to assist in financing the purchase of an 18,635 square-foot two-building complex at 901 Springfield Street and 424 Irwin Street in Dayton. The project, which totals $822,000, will create three full-time equivalent jobs, and retain four existing jobs.
Lemmy & Po Real Estate, LLC will receive $131,250 to assist in financing the purchase of a 5,592 square-foot building at 304 North Westwood Avenue in Toledo. The project, which totals $175,000, will create two full-time equivalent jobs, and retain two existing jobs.
The Ohio Department of Development empowers communities to succeed by investing in Ohio’s people, places and businesses. Learn more at development.ohio.gov.
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