Press Room >> 2009 Press Releases For immediate release ECONOMIC DEVELOPMENT LOANS CREATE JOBS IN OHIO COLUMBUS – Ohio Governor Ted Strickland and Mark Barbash, Interim Director of the Ohio Department of Development, today announced that loans valued at more than $4.7 million have been recommended by the Development Financing Advisory Council to support eight economic development projects. The funds, which are pending State Controlling Board approval, are expected to create 172 positions and retain 144 jobs. Media contacts: Robert Grevey at (614) 466-6619
February 23, 2009
More Than $4 Million to Generate New Investment and Jobs
“Linking our manufacturing and technology sectors to the global economy drives expansion in Ohio by sharing the talents of our state’s workforce and depth of resources with the world,” Barbash said. “Our state’s efforts in the advanced energy industry combined with an enhanced infrastructure and expanded technology base, place Ohio in a position for growth in both the near- and long-term.”
Cardinal Fastener & Specialty Co., Inc., located in the City of Bedford Heights (Cuyahoga County), has been awarded a $500,000 166 Direct Loan at an interest rate of 3 percent for a seven-year term. The loan is to be used for the purchase of machinery and equipment. The company was founded in 1968 and has since become a leader in the hot forge bolt industry. This $750,000 project is expected to create 20 positions and retain 51 jobs.
The Kalt Manufacturing Company, located in the City of North Ridgeville (Lorain County), has been awarded a $1 million 166 Direct Loan at an interest rate of 1 percent for the first year, and a rate of 3 percent for the remainder of the 10-year term. The loan is to be used for the expansion of its existing facility and the purchase of machinery and equipment. Kalt provides engineering and prototype design, as well as general machining and precision machining rehabilitation. This $3.3 million project is expected to create 22 positions and retain 42 jobs.
INNOVA, Inc., located in the City of Centerville (Montgomery County), has been awarded an $875,000 Research & Development Investment Loan at an interest rate of 2 percent for a seven-year term. The loan is in support of the development of a specific solid state laser technology. INNOVA provides development, manufacturing, and management services and global marketing support to the military and industrial sectors. This $2 million project is expected to create 40 jobs and retain six positions.
Znode, Inc., located in the City of Dublin (Franklin County), has been awarded a $1.2 million Innovation Ohio Loan Fund at a rate of 6 percent for a six-year term. The loan is in support of the commercialization of specific software features and capabilities. Znode operates as an e-commerce developer whose flagship product is and industry leading software solution. This $1.6 million project is expected to create 40 jobs and retain 4 positions.
Dot Two Entertainment, located in the City of Columbus (Franklin County), has been awarded a $1.14 million Innovation Ohio Loan Fund at a rate of 6 percent for a six-year term. The loan is to be used for the purchase of machinery and equipment. Dot Two is creating a digital television network to work in concert with newly created digital sub-channels. This $1.5 million project is expected to create 50 jobs and retain 41 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 Ohio Enterprise Bond Fund provides funding for land and building acquisition, construction, expansion or renovation, and equipment purchases for commercial or industrial projects between $1.5 million and $10 million. The Research and Development Loan Fund targets large investments from companies involved in research and development projects with significant assets and sales, and assists in financing the acquisition, construction and related costs of technology, facilities and equipment.
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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