Darke
County CIC Issues First Small
Business Loan
Board that runs the Partnering for
Progress initiative issues its first low-interest loan locally to help
spur
investment, job creation
DARKE
COUNTY- Under a new program,
the Darke County Community Improvement Corporation (CIC) has issued a
low-interest small business loan for the first time in the
organization’s
history. A $100,000
loan has recently
been issued to Ohio Plastics Processors of Greenville in support of the
company’s job creating project and investment in the local economy.
The
CIC, which is the governing
board for the county’s collaborative economic development initiative
known as
Partnering for Progress (P4P), began the loan program late in 2011
through a
USDA grant and a local match by P4P contributors.
According to Economic Development
Director
Marc Saluk, the program was a needed one for the county’s arsenal of
business
incentives.
“Existing
low-interest loan
programs can take a while to implement, have what we would consider to
be an
excessive paperwork burden, and can be difficult to qualify companies
for ,”
explained Saluk. “With the new CIC program, we can issue money to the
loan
candidate relatively quickly and with a great deal more local control
of the
program. It’s a great small business tool and a program we hope to
grow.”
The
CIC approved the loan at a
2-percent interest rate and a 5-year term.
Ohio Plastic Processors (OPP) will use
the funds to purchase new
equipment for their operations at 1355 Sater Street.
The site, formerly occupied by Ramco
Electric
Motors, is occupied by both OPP and MJS Plastics. The two companies are
jointly
owned and operate under the same management team. OPP is a recycled
plastic
processor that will create four new positions as a part of the loan
agreement.
According
to CIC officials, every
year there are company projects locally that traditional low-interest
loan
programs will consider too small or to have too few jobs created to
qualify for
public incentives programs. They state that many of these are quality
projects
brought forth by well-run smaller companies.
“The
CIC wants to be able to help
foster growth of the county’s existing small business and start-up
operations,
where it is fiscally sound to do so” commented CIC Treasurer Matt Kolb.
“It’s
great to be able to bring assistance for our larger companies and we
continue
to do this. But
doing what we can to
encourage investment and job creation in smaller local companies can
pay huge
dividends down the road as these businesses grow and become mainstays
of the
local economy.”
The
loan comes on the heels of
another local project incentivized through the efforts of the
Partnering for
Progress initiative. Over
the summer,
the Darke County Commissioner’s issued a $150,000 low-interest loan to
All
American Clothing in Arcanum. The
loan,
issued at a 1.8% rate over 15 years, helped the company move into the
former
Creative Cabinets building and expand its operations, resulting in a
commitment
of six new positions.
According
to Kolb, the CIC loan
program still has funds remaining and the CIC is actively seeking
candidates
for these funds. Businesses
with
interest in the program can contact Marc Saluk or Melanie Nealeigh at
the
economic development office at 548-3250 for more information.
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