U.S. Department of Agriculture (USDA) Rural Development Ohio State Director Jonathan McCracken announced that the Department is investing $45.8 million to help create new and better market opportunities for rural businesses in Ohio.
“The announcement today demonstrates the importance USDA has put on investments in jobs, businesses, and entrepreneurial opportunities.” said McCracken. “These investments illustrate our commitment to helping rural Ohio communities and businesses create new and better market opportunities.”
The funding will help a diverse rural Ohio keep resources and wealth right at home while also helping entrepreneurs and business cooperatives to create jobs, grow businesses, and find new and better markets for the items they produce.
- Columbiana County, Envelope 1 Inc. will use a $25 million loan guarantee to construct a 100,000 square foot building and purchase production equipment. Envelope 1 is currently operated from two locations; one location produces envelopes while the other provides direct printing and mailing for their customers. This funding allows them to consolidate both portions of their business under one roof.
- Paulding County, Paulding Putnam Electric Cooperative Inc. will use a $300,000 grant to establish a revolving loan fund that will be used to complete infrastructure improvements to the Village of Ottoville Industrial Park. These improvements will allow 32 acres to be developed as an expansion to the industrial park. The project will create one of only two fully developed industrial parks in Putnam County and should attract additional business to the areas as a result.
- Lawrence County, GTL Lumber, Inc. will use a $2.3 million loan guarantee to refinance debt used to purchase real estate. The funds will also be used to purchase sawmill equipment allowing this company to process hardwood logs into finished, kiln-dried lumber. This project will save 20 jobs and create 10 jobs.
- Sandusky County, Dynasty RE Holdings LLC will use a $5 million loan guarantee to purchase and improve an 80,000 square foot warehouse. The borrower is a real estate holding company and the operating company is Ohio Truck Sales. The new space will allow them to expand their business and create 40 jobs in Clyde, Ohio.
- Seneca County, KRSNA Hospitality Inc. will use a $4.5 million loan guarantee to refinance a 65 room Hampton Inn Hotel in Tiffin, Ohio. The project is expected to save 22 jobs and create two. This will allow the hotel to continue operating and improve the facility to provide overnight accommodations for travelers and corporations in need of lodging.
- Ottawa County, Kubera Operations LLC will use a $4.2 million loan guarantee to purchase a Country Inn & Suites. This purchase will save 15 jobs and create one. The facility will provide accommodations for visitors to Cedar Point Amusement Park, Lake Erie, and other local area attractions.
- Wayne County, Inesh Group Hospitality LLC will use a $4.4 million loan guarantee to purchase a 63-room hotel in Wooster, Ohio. The project will allow the hotel to continue providing overnight accommodations for travelers and corporations in need of lodging.
USDA is making these investments through two programs specifically designed to create economic opportunities for people and businesses in rural areas. These programs are the Business and Industry (B&I) Loan Guarantee Program, the Rural Economic Development Loan and Grant Program.
USDA is an equal opportunity provider, employer, and lender.