LUCAS COUNTY (WTOL) - The Lucas County Commissioners, along with four private partners, announced a new job creation and investment fund called Lucas County Builds. The initiative will act as a revolving loan fund for companies looking to build in Northwest Ohio.
Currently, they have $2.5 million for investments.
Timely funding has been an issue in the past, and Commissioner Pete Gerken says this is the perfect solution.
"We now have the ability for the partnership group to invest in high-impact commercial and industrial projects," said Gerken.
Their first three projects will add more than 550 good paying jobs in Lucas County.
"We are able now to be nimble, to be quick, and not go to five different places, boards, people to get the money to do this," said Gerken. "That is the beauty of today, we are now unified as a region in economic development."
The first two loans will assist companies manufacturing parts for Jeep with Dana Corporation and the second loan for Northwest Ohio Building Trades.
The third is a $500,000 loan to a disclosed manufacturer in Overland Industrial Park.
The loans will then be re-circulated. Principle and interest from previous projects are then put forth to fund new investments.
"Our role is attracting new companies to the region on a regular basis, that's what we do. This is something, one more tool in our toolbox to be able to do that," said Dean Monske, President and CEO of the Regional Growth Partnership.
Lucas County Builds is continuing to seek additional investors for their future projects.