Mahoning Valley businesses get state support
WARREN — A business in Trumbull County will receive $665,000 through a state program designed to support business expansion.
Meanwhile, a business in Columbiana County will receive $198,000 from another state-funded program that helps with road improvements that benefit economic development projects.
In Warren, Balance Investment LLC plans to use the funding to help finance renovations of a 7,208-square-foot, single-story warehouse at 2861 Sferra Ave. NW, according to a news release Monday.
Balance Investment LLC is the real estate holding company formed to hold the project real estate and lease it to the operating company, Dawn Incorporated, a full-service construction company specializing in commercial, industrial, and federal contractor services.
The project, estimated to cost $1.01 million, is expected to create four new full-time-equivalent jobs and retain 34 existing jobs at the project site.
The funding is through the Ohio Department of Development’s Regional 166 Direct Loan Program, which provides low-interest loans to businesses with limited access to adequate capital from private funding sources.
The City of Columbiana will receive $198,000 for road work to relocate the truck entrance at the R&L Carriers Inc. facility at 1320 Heck Road.
The project will accommodate increased traffic that resulted from the expansion of the facility, and will improve safety and maneuverability at the intersection. The project, estimated to cost $364,185, will create 40 new full-time-equivalent jobs and retain 480 jobs at the project site.
The funding is through the state’s Roadwork Development Grant program.