YOUNGSTOWN, Ohio – P&S Bakery Inc. was awarded $535,083 to assist in financing the purchase of assorted heavy-duty baking machinery, the Ohio Department of Development announced Monday.
According to an ODOD news release, the funds for P&S were part of nearly $3.6 million awarded through the Regional 166 Direct Loan Program to five Ohio companies for projects. The release of the funds was approved at Monday’s meeting of the Ohio Controlling Board.
Located at 2716 Intertech Drive, P&S Bakery is a commercial baker specializing in meat rolls and sweet rolls, and it supplies private label baked goods for companies across the United States.
The project, which will cost approximately $713,444, will create five new full-time-equivalent jobs and retain 48 existing jobs, according to the news release.
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.