The State Controlling Board has approved the release of $1.2 million from the Rural Industrial Park Loan fund to support a construction project in Noble County.
Rep. Don Jones, R-Freeport, announced the funding for Caldwell Mobile Home Sales to help finance a construction project at Ohio 78 and Ohio 564 in Caldwell.
“This project can have a very positive impact on Noble County,” said Jones, who helped reinstate funding for the Rural Industrial Park Loan program.
Caldwell Mobile Home Sales is proposing a nearly $4.9 million project that involves the construction of a 10,000 square-foot commercial speculative building, site work, construction of a new access road and extension of water and sewer to six commercial sites within the industrial park, according to the Ohio Department of Development.
The project is designed to attract specialized manufacturing to support the oil and gas industries.
In addition to the $1.2 million Rural Industrial Park Loan and $500,500 in borrower equity, JobsOhio is contributing nearly $3 million in grants and the Noble County Commissioners are providing $200,000, according to the Ohio Department of Development.
The Rural Industrial Park Loan Program supports economic development by providing low-interest direct loans to assist communities and private developers in financing the development and improvement of industrial parks and related infrastructure in rural areas.
“Our goal is to give local communities more tools to help keep and create jobs in our area,” Jones said.
“This is a good program that’s making a difference.”