Press Room >> 2009 Press Releases
For Immediate Release
June 29, 2009
GOVERNOR, PATT- MCDANIEL ANNOUNCE ECONOMIC
DEVELOPMENT LOANS TO CREATE JOBS IN OHIO
Additional Economic Development Projects to Generate New Investments and Jobs
COLUMBUS – Ohio Governor Ted Strickland and Lisa Patt-McDaniel, Interim Director of the Ohio Department of Development, today announced that loans valued at nearly $5.9 million have been recommended by the Development Financing Advisory Council to support six economic development projects. The funds, which are pending State Controlling Board approval, are expected to create 211 positions and retain 419 jobs.
“Economic development begins with making strategic investments in the industries that build upon Ohio’s strengths,” Patt-McDaniel said. “Today we have made important investments that will help Ohio companies succeed in the manufacturing, biomedical, digital printing, and software development fields.”
TH Plastics, Inc., located in the City of Findlay (Hancock County), has been awarded a $1.3 million 166 Direct Loan at an interest rate of 3 percent per year for a 10-year term. The loan will support costs associated with renovations and leasehold improvements to an existing leased building and the purchase of new machinery and equipment. This more-than $3.2 million project is expected to create 85 positions.
Heath-Newark-Licking County Port Authority, located in the Village of Heath (Licking County), has been awarded a $1 million 166 Direct Loan at an interest rate of 3 percent per year for a 12-year term. The loan will support costs associated with the construction of a new facility that will be leased to Atlantic Inertial Systems, Inc. and the acquisition of new machinery and equipment, and furniture and fixtures. This $3.5 million project is expected to create 10 jobs and retain 47 positions.
Printing Service Company, located in the City of Springboro (Montgomery County), has been awarded a $1.9 million 166 Direct Loan at an interest rate of 3 percent per year for an eight-year term. The loan will support costs associated with the purchase of new machinery and equipment for lithographic and digital printing services for the retail market. This more-than $5.4 million project is expected to create 15 jobs and will assist the company in retaining 70 positions.
Pakmark, LLC, located in the City of Vandalia (Montgomery County), has been awarded a $585,000 166 Direct Loan at an interest rate of 3 percent per year for a seven-year term. The loan will support costs associated with the purchase of used machinery and equipment to format lithographic and digital printing services for the retail market. This more-than $1.9 million project is expected to create 25 jobs and retain 29 positions.
Leis Medical, Inc., located in the City of Vandalia (Montgomery County), has been awarded a $1 million 166 Direct Loan at an interest rate of 3 percent per year for a seven-year term. The loan will support costs associated with the purchase of new machinery and equipment in the medical device industry with a focus on the orthopedic sector. This $3.5 million project is expected to create 40 jobs and will assist the company in retaining 263 positions.
ThinkVine Corporation, located in the City of Cincinnati (Hamilton County), has been awarded a $1.1 million 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 the development of capitalizable software and the purchase of computer equipment as part of a $2.2 million project for the development of version 2.0 of the Emerging Marketplace, ThinkVine’s next generation Agent Based Modeling simulation platform. This project is expected to create 36 jobs and will assist the company in retaining 10 positions.
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 Development Financing Advisory Council approves all low interest, long term, fixed asset loans for companies considering expanding in or relocating to Ohio.
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