AUSTINTOWN — A real estate holding company affiliated with Power Tool & Supply Co. in Austintown has been given a $100,000 state loan to acquire a building next to the power tool and safety equipment distributor on Leharps Drive.

Farnsworth & Crance Holdings LLC received the funding through a direct low-interest loan program that promotes economic development, business expansion and job creation.

It’s part of a $250,000 financing package that also includes $125,000 from Farmers Bank and $25,000 in borrower’s equity to acquire a 9,980-square-foot building at 3691 Leharps Drive, according to a document from the Ohio Controlling Board, which Monday gave the Ohio Department of Development the OK to release the money.

Farnsworth & Crance Holdings, LLC is the real estate holding company formed to hold the project and lease it to Power Tool & Supply, 3699 Leharps Drive, which distributes power tools, safety equipment and other accessories primarily in northeast Ohio and western Pennsylvania.

The loan is for 20 years with an interest rate of 3.95%. According to the state paperwork, the project will create three new full-time equivalent jobs and retain 20 existing jobs.

Farnsworth & Crance Holdings LLC was formed in May by Lisa Mizicko, president of Power Tool and Supply Co.

A message seeking comment was left Tuesday with Mizicko.

The other building is where Youngstown Prepress Inc. is located. According to its website, Youngstown Prepress provides graphic design, prepress and production services. A message could not be left on the office number listed on the company’s website. A message seeking comment was left with a second contact number listed.

According to Power Tool & Supply Co.’s website, the company, which has been open for more than 60 years, is a certified Diverse Business Enterprise with the departments of transportation in Ohio, West Virginia and Pennsylvania. The company also is a certified Woman-Owned Business, the website states.

The loan is among $1 million released by the Ohio Department of Development for infrastructure development and business growth.

In addition, the Wood County Port Authority will receive $681,000 Roadwork Development Grant to support the First Solar, Inc., project in Perrysburg, and Bidwell in Gallia County is receiving $250,000 for assessment and cleanup activities, according to the state.

“Investing in infrastructure and business is vital in supporting economic development,” Lydia Mihalik, director, Ohio Department of Development, said. “Some of these projects will beautify their communities, and others will provide a lift to the businesses that make a difference in the lives of so many.”