News Room

FOR IMMEDIATE RELEASE
February 6, 2007

Columbus, OH -- Lieutenant Governor Lee Fisher today announced that a $250,000 bonding line has been awarded through Ohio's Minority Business Bonding Program to Five Star Electric, Inc., a certified Ohio Minority Business Enterprise, located in Cincinnati. The bonding line will enable the company to borrow funds up to the amount of the line, allowing the company to expand its business opportunities. With its projected growth, Five Star Electric is expected to retain three positions and create seven jobs within three years.

"Five Star Electric is a great example of an Ohio operation that recognizes and strives for new growth opportunities," said Lt. Governor Fisher who also serves as state development director. "Support of Ohio's minority-owned firms is important to increasing the potential for prosperity for all Ohio businesses. I'm confident the company will serve as an outstanding partner in our efforts to enhance the economic opportunities available to Ohio's small and minority-owned firms, which will create jobs worthy of Ohio workers."

Five Star Electric is an electrical contracting business, specializing in commercial, industrial and residential wiring and installation of electrical apparatus. The company installs electrical outlets, ground fault circuit interrupters, service wire and panel changes, inside and outside lighting, intercom systems, telecommunications systems, electrical motor controls and a variety of other electrical functions. Five Star Electric began operations in July 2002 and incorporated in March 2003.

The Minority Business Bonding Program award will enable Five Star Electric to bid on electrical projects that require bid, performance or payment bonds. The bonding award was made at the recommendation of the Minority Development Financing Advisory Board (MDFAB) and is subject to approval by the State Controlling Board.

The MDFAB is charged with providing the Director of the Ohio Department of Development with recommendations for assistance through the Minority Development Direct Loan Program and the Minority Business Bonding Program. The Minority Business Bonding Program provides bonding assistance to minority businesses who otherwise cannot obtain bonding. The goals of the program are to produce long term positive results by assisting minority businesses in eventually obtaining bonding from the private sector; and to provide minority businesses with the best opportunity for obtaining contracts, long-term success and stability.