YOUNGSTOWN, Ohio – The Ohio Controlling Board will consider a $535,083 request Monday from the Ohio Department of Development to provide P&S Bakery Inc. with funds from the Regional 166 Direct Loan escrow account for assorted heavy-duty baking machinery.
The loan will have a 10-year term at 4% interest and will be secured by a first lien position on the project machinery and equipment, with the personal guarantee of an individual identified as David George. The P&S website shows David George Sr. as chief executive officer and David George Jr. as chief operating officer.
The loan will come from the Regional 166 program funds administered by Valley Economic Development Partners Inc. in Liberty. Proceeds of the loan, which requires Controlling Board approval, will support the purchase of three pieces of machinery that will replace aging equipment that requires frequent repairs, said Mario Nero, Valley Partners director of lending.
“Investing in new machinery will significantly reduce maintenance costs and improve operational efficiency, enabling the company to increase production capacity and take on additional business,” he said. The loan is P&S’s first from the 166 program.
The project, which will cost $713,444 total, will result in the creation of five new full-time jobs and retention of 48 existing positions. It will take about six months, Nero said.
P&S, which was started in 1974 as a Cornersburg Pizza franchisee in Struthers, manufactures pepperoni rolls, breads, cookies and other filled rolls. Its nationwide customers include schools, grocery stores, convenience stores and vending machine suppliers. In 2020, the business moved from Poland to its current location, 2716 Intertech Drive.