MINORITY DEVELOPMENT FINANCING ADVISORY BOARD RECOMMENDS LOAN FOR CLINTON COUNTY FIRM

FOR IMMEDIATE RELEASE
May 6, 2004

Columbus, OH -- State Development Bruce Johnson today announced that the Minority Development Financing Advisory Board (MDFAB) has recommended a $1.75 million Minority Development Direct Loan for J&M Precision Machining, Inc. for an expansion that is expected to create 25 jobs and retain 65 positions within the first three years of the project.

J&M Precision Machining, Inc., located in Blanchester (Clinton County), will receive a $1.75 million Minority Development Direct Loan at an interest rate of three percent for a 12-year term. The funds will be used for building construction and renovations and the acquisition of machinery and equipment. The company is a certified minority-owned business that provides high-quality, metal part machining for the automotive industry. J&M was recently awarded a package of 10 parts to be machined for major automotive customers and must expand to meet production demands. The project is valued at $8.6 million.

The MDFAB is charged with providing the Director of the Ohio Department of Development with recommendations for assistance through the following programs: the Minority Development Direct Loan Program, the Mini-Loan Guarantee Program and the Minority Business Bonding Program. The loan is pending State Controlling Board approval.