TAFT ANNOUNCES GRANTS TO BUSINESSES AND COMMUNITIES
State Assistance Will Help Create 526 Jobs for Ohioans

FOR IMMEDIATE RELEASE
April 5, 2004

Columbus, OH -- Governor Bob Taft announced today that $750,000 in Business and Roadwork Development grants have been awarded to two firms and one community in Ohio. The grants, administered by the Ohio Department of Development (ODOD), were approved by the State Controlling Board, and are intended to assist in the growth and development of Ohio businesses and the creation and retention of jobs. These projects are expected to create up to 526 positions and retain 246 jobs over the next three years.

Education Lending Group, Inc. (ELG), located in Cleveland (Cuyahoga County), will receive a $150,000 Business Development (412) grant to purchase machinery and equipment for a new loan serving operation. ELG is in the business of originating, purchasing, and consolidating higher education loans around the country. The new operation will be a technology-based and environmentally friendly operation, working with colleges and universities as an optional lender for student loans outside government loans. Ohio was in direct competition with California, where the company has its current operations. ELG has also been awarded a Job Creation Tax Credit valued at $1.1 million and a $100,000 Ohio Investment in Training program grant. The $5.6 million project is expected to create 150 jobs at the project site.

Univenture, Inc., to be located in Marysville (Union County), will receive a $100,000 Business Development (412) grant to purchase machinery and equipment as part of the company’s relocation and expansion. Based in Columbus, Univenture manufactures several plastics products that serve the media packaging, storage and binder industries. Univenture plans to lease a 134,000 square foot building, relocate its existing 94 employees and create 56 jobs. Ohio was in competition with Kentucky for the $3 million project. The ODOD has also offered a Job Creation Tax Credit valued at $255,000 and a $40,000 Ohio Investment in Training Program grant.

The City of Moraine, located in Montgomery County, will receive a $500,000 Roadwork Development (629) grant to assist with the 3,300 linear foot extension of Cardington Road. The City will also extend sidewalks, curbs, storm, sanitary sewer and water lines along the roadway. The more than $2.1 million project will support the expansion of Yowell Transportation Services, Inc., an Ohio-based trucking company. Yowell will create an estimated 20 new jobs and retain 60 existing positions at the project site. Two other companies, Cornett Companies with 60 full-time positions, and Snyder Brick & Block, with 32 full-time positions, will also be retained. Additionally, the extension of Cardington Road will open up 100 acres of land for possible development that could create more than 300 new jobs in the area.

The Business Development Account (412) is a grant program to assist companies and communities that are creating or retaining jobs with the necessary infrastructure improvements needed to ensure a project moves forward. The Roadwork Development Account (629) provides grant assistance to communities for highway and road projects related to job creation and retention. The 629 Program is funded with gas tax dollars and is restricted to public road projects only.