Press Room >> 2010 Press Releases

For Immediate Release
June 28, 2010

GOVERNOR, PATT-MCDANIEL ANNOUNCE STATE INVESTMENTS
Development Financing Advisory Council Awards
More Than $6.9 Million to Create Jobs in Ohio

Columbus, Ohio – Governor Ted Strickland and Director of the Ohio Department of Development Lisa Patt-McDaniel today announced that loans valued at more than $6.9 million have been recommended by the Development Financing Advisory Council. The loans support six economic development projects, which are expected to leverage more than $11.6 million in capital investment. The funds, pending State Controlling Board approval, are expected to create 140 jobs and retain 898 positions for Ohioans.

"The economy continues to show new signs of recovery as more and more businesses are expanding in Ohio," Strickland said. "Our plan to create Ohio jobs and lay a foundation for long term growth includes helping Ohio businesses to grow and innovate."

"Economic development begins with making strategic investments in targeted industries which drive expansion in our local communities," Patt-McDaniel said. "These projects build upon Ohio's strengths and will help to create jobs for today and the future."

Argus International, Inc. (Franklin County) has been awarded $1.2 million from the Innovation Ohio Loan Fund. The loan will be used for software development and acquisition of computer equipment, which will enable the company to develop a new and industry-leading airline management system, along with upgrading existing solutions. The more than $1.6 million project is expected to create 12 jobs.

Jay Industries, Inc. (Richland County) has been awarded more than $1.3 million from the Research and Development Investment Loan Fund. The loan will assist in purchasing machinery and equipment, and will support the development of a direct metallization and curing process for home appliance components. The more than $1.8 million project is expected to create 15 jobs and assist in retaining 315 positions.

Mold Masters International, Inc. (Lake County) has been awarded an $800,000 166 Direct Loan to be used for the purchase of new machinery and equipment, which will allow the company to expand their Mentor manufacturing operation and accommodate the influx of potential new business. The $2 million project is expected to create 42 jobs and assist in retaining 170 positions.

Morel Ventures, LLC (Butler County) has been awarded a $900,000 166 Direct Loan to be used for the purchase and renovation of a building, and the purchase of new machinery and equipment that will enable the company to become more efficient and ultimately, more profitable. The more than $1.7 million project is expected to create 21 jobs and assist in retaining 15 positions.

Taylor Lumber Acquisitions, Inc. (Scioto County) has been awarded a $1.7 million 166 Direct Loan to be used for the purchase of machinery and equipment, which will enable the company to become more efficient and ultimately, more profitable. The more than $2.2 million project is expected to assist in retaining 175 positions.

VR Waverly Inc. (Pike County) has been awarded a $1 million 166 Direct Loan to be used for the purchase of new machinery and equipment, which will allow the company to expand their Waverly manufacturing operation by acquiring a new 1,200-ton Transfer Press to accommodate the influx of new General Motors business. The more than $2.3 million project is expected to create 50 jobs and assist in retaining 223 positions.

Working with our partners across business, state and local governments, academia, and the nonprofit sector, the Ohio Department of Development works to attract, create, grow, and retain businesses through competitive incentives and targeted investments. Engaged every day in marketing, innovating, investing, and collaborating, the Ohio Department of Development works at the speed of business to accelerate and support the teamwork that is absolutely necessary for success by providing financial, informational, and technical assistance to those making an investment in Ohio's future.

The Development Financing Advisory Council approves all low-interest, long-term, fixed-asset loans for companies considering expanding in or relocating to Ohio. 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 in developing next-generation products in industry sectors that include: advanced materials; instrument, controls, and electronics; power and propulsion; biosciences; and information technology. The Research and Development Investment Loan Fund provides financing for projects primarily engaging in research and development activity.

###

Media contacts: Bethany Close at (614) 466-6619 or
the Communications and Marketing Office at (614) 466-2609