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COLUMBUS - The Ohio Department of Development announced on Tuesday the release of nearly $3.4 million through three state-funded programs that will enhance communities and support business expansion including a local business in Washington County.
The release of funds comes from three state funded programs including the Regional 166 Direct loan, Rural Industries Park loan and the 166 Direct loan servicing.
The Regional 166 Direct loan, which promotes economic development, job creation and job retention by providing low-interest loans to businesses with limited access to adequate capital from private funding sources, was awarded to Micro Machine Works and Decan Holdings.
Micro Machine Works will receive $454,800 to assist in financing the construction of a 6,600-square-foot building complex located at 8900 Ohio 339 in Vincent (Washington County).
Micro Machine Works is a veteran-owned precision manufacturing company specializing in tight-tolerance components for a range of advanced industries, including aerospace and defense. The project, which will cost a total of more than $1.1 million, will create 10 new full-time-equivalent jobs and retain 16 existing jobs.
A representative for Micro Machine Works did not immediately respond to a comment on receiving the loan.
Dencan Holdings will receive $300,000 to assist in financing the construction of a 15,000-square-foot manufacturing facility and renovation of the existing building at 100 Stanford Parkway in Findlay (Hancock County).
Dencan Holdings is a real estate holding company leasing the real estate to Findlay Vinyl an independent manufacturer of pool liners and vinyl safety covers for in-ground and above-ground pools and primarily serves pool distributors and large retailers. The project, which will cost a total of $1.02 million, will create nine new full-time-equivalent jobs and retain 21 existing jobs.
For more information on how to apply and to determine if a project is eligible, visit the Regional 166 Direct Loan Program website at https://tinyurl.com/4dmhmf43.
The Rural Industrial Park loan, which promotes economic development by providing low-interest direct loans to eligible applicants for the improvment of industrial parks and related to off-site publin infrastructure, was awared to the Lawrence Economic Development Corporation.
Lawrence Economic will receive $2.2 million to assist in financing the construction of a 60,00-square-foot commercial building at 201 Commerce Drive in South Point (Lawrence County).The project building will feature a 34.5kV electric backbone, an eight-inch water line, an eight-inch sewer line and a four-inch medium-pressure gas line to accommodate numerous business types. The project, which will cost a total of more than $5.3 million, will create 10 jobs.
The 166 Direct loan servicing, which the program provides assistance to businesses that have been previously approved for a loan by the state of Ohio's Controlling Board, was awarded to the Community Improvement Corporation of Gallia County.
The Community Improvement Corporation of Gallia County will receive $427,500 to assist in the financing the purchase of a 10,500-square-foot vacant commercial facility on a one-acre lot at 8920 State Route 160 in Bidwell (Gallia County).
This is part of a larger project that includes renovation of the facility to attract a light industrial end-user, all of which will bring new employment opportunities and economic development benefits to Gallia County. The project, which has a total cost of $827,500, will create or cause the creation of 10 new full-time-equivalent jobs.
The Ohio Department of Development empowers communities to succeed by investing in Ohio's people, places, and businesses. Learn more about our work at development.ohio.gov.