Boosting Local Businesses

by Emily Baird on September 29, 2010 at 5:41 am

Two companies from Licking and Knox Counties may soon see loans that will essentially boost business. The Development Financing Advisory Council is recommending about $10 million in loans for six statewide projects, and these funds are waiting for approval from the State Controlling Board.

Accel Incorporated in Licking County is expected to get an almost $2 million direct loan, which will be used for the purchase and installation of machinery and other equipment. The project also has the potential of creating 25 jobs and retaining about 200 current positions.

An almost $3.5 million Ohio Enterprise Bond Fund is expected for a Knox County company. Brent Morgan Holdings will also use the money for machinery and equipment. It plans to buy land and construct a building that will be used as a permanent headquarters too. The project could bring in 40 new jobs and help retain about 95 positions.