2 Valley Projects Receive Share of $3M in State Funding

COLUMBUS, Ohio – Two Mahoning Valley projects will receive state funding through a program designed to fuel small business growth.

The Ohio Department of Development on Monday announced the release of more than $3 million through the Regional 166 Direct Loan Program, which promotes economic development, job creation and retention by providing low-interest loans to businesses with limited access to adequate capital from private funding sources.

Five companies in the state were awarded funding through the program, including Premium Meats Inc. and co-borrower Michael G. Kassos Living Trust in Warren and 61 Railroad LLC in Canfield.

Premium Meats and the Michael G. Kassos Living Trust will receive $700,000 to assist in financing the construction of a 6,000-square-foot building addition at 829 High St. Michael G. Kassos Living Trust is the real estate holding company that will own the property and lease it to Premium Meats, a manufacturer of beef patties, pork patties, cooked sausage, beef sticks and more. The project, which has an estimated total cost of $3.5 million, is expected to create three new full-time jobs and retain 31 existing jobs.

61 Railroad LLC will receive $87,500 to assist in financing the purchase of a 13,394-square-foot building at 61 Railroad St. The company will lease the property to Converse All Steel Services Inc., which provides custom steel burnouts with an oxy-fuel torch and hi-def plasma torch for structural steel construction projects. The project, which has an estimated total cost of $875,000, is expected to create two new full-time jobs and retain 14 existing jobs.

“A major part of our mission at Development is helping Ohioans make their business dreams become a reality,” said Lydia Mihalik, director of the Department of Development. “The choice to establish or move a business here to Ohio is a commitment to growth and success in a state that not only values entrepreneurship and business success, but that will stand by you every step of the way.”

Pictured at top: Photo by John Guccione. (Pexels.com)

Published by The Business Journal, Youngstown, Ohio.