One loan will allow a company to expand plastic injection molding operations.
WARREN -- Three Trumbull County businesses will benefit from loans authorized by a partnership of banks and local and county governments.
The Reinvestment Partnership Corp. involves nine local banks that share 50 percent of the loan costs. The other 30 percent is provided by Trumbull County or the cities of Warren or Niles -- depending on the project location.
Today, county commissioners are being asked by the Trumbull County Planning Commission to approve spending $300,000 in loan guarantee program funds. This would be Trumbull County's share of three mini-loans approved by the Reinvestment Partnership Corporation.
"The big one here," explained Alan Knapp, planning commission director, is a $450,000 loan to Weltzel Inc., of which the county's share is $255,000.
Weltzel Inc., 1800 N. River Road N.E., Howland Township, is occupying a formerly vacant Delphi Packard building on Thomas Road. It seeks to improve and equip that building and expand plastic injection molding operations.
Work for Ford Motor Co. will be done at the facility and inventory will be stored. The business estimates that the project will create at least 40 jobs.
Yoho Excavating, 5980 Risher Road, Warren Township, would get a $100,000 loan, of which the county's share is $50,000. It does excavating and septic tank installation.
Premier Production Service Industries Inc., 5001 Enterprise Drive, Howland, is a machine shop in operation for 15 years. It is approved for a $50,000 loan for acquisition of another company, L.E. Cross on North River Road. The county's share here is $25,000.