The loans, which are pending State Controlling Board approval, are expected to create 402 jobs and retain 302 positions.
RSN Holdings, LLC, located in Heath, OH will receive a $611,000 loan for a 10-year term at an interest rate of 4.5%. The funds will be used in the expansion of Polymer Technologies & Services Inc. The company plans to purchase an existing 60,000-sf building and acquire machinery and equipment for $1.7 million to provide recycling, storage and compounding to the plastics industry.
Gabriel Logan, located in Logan, OH, will receive a $1 million loan at an interest rate of 3% for a seven-year term. The company will use the funds to lease 150,000 sf and acquire manufacturing machinery and equipment at a total cost of $2.8 million. Gabriel manufactures and distributes wall panels and accessories, mass-merchant-oriented showcases and a full line of stock and custom wood fixtures used by retailers.
American Aluminum Extrusions of Ohio, located in Plain Township, OH, will receive a $600,000 loan at an interest rate of 3% for a five-year term. The funds will be used to purchase machinery and equipment. The company recently acquired the former Albex Aluminum manufacturing facility and plans to restart the aluminum extrusion operation at the plant. The $5.2 million project is expected to create 150 jobs over the next three years and retain 10 positions.
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