Power Tool & Supply Co. Lands $100K State Loan
YOUNGSTOWN, Ohio – A local power tool company is among three projects awarded funding from the Ohio Department of Development, the department said Monday.
The Ohio Controlling Board approved a $100,000 loan to Farnsworth & Crance Holdings LLC to help finance the purchase of a 9,980-square-foot building at 3691 Leharps Drive in Austintown.
The entity is a real estate holding company and operates as Power Tool & Supply Co. at 3699 Leharps.
Under the loan agreement, Power Tool & Supply has committed to create a minimum of three jobs and retain 20 positions, according to ODOD. The project is expected to “enhance efficiencies and facilitate business growth and employment as part of the Regional 166 Direct Loan program,” the state said.
The Regional 166 Direct Loan Program provides low-interest loans to businesses with limited access to capital from private sources of funding.
Power Tool & Supply’s project is part of more than $1 million the state approved Monday for business and infrastructure projects.
The Wood County Port Authority will receive $681,000 through Ohio’s Roadwork Development Grant program in support of First Solar Inc.’s project in the city of Perrysburg. The Roadwork Development Grant, also known as the 629 Program, assists with eligible public roadwork improvements and aids employers in creating or preserving job opportunities.
The community of Bidwell in Gallia County is receiving $250,000 for assessment and cleanup activities for its Station Cleanup project.
“Investing in infrastructure and business is vital in supporting economic development,” Lydia Mihalik, the director of the Department of Development, said in a statement. “Some of these projects will beautify their communities, and others will provide a lift to the businesses that make a difference in the lives of so many.”
Published by The Business Journal, Youngstown, Ohio.