Low-interest loan will help company add jobs

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By Elaine Morris Roberts, Staff Writer Updated 5:51 PM Tuesday, September 1, 2009

SPRINGFIELD — A local manufacturing company with ties to the aerospace industry has received a $600,000 loan from the Ohio Department of Development for capital development.

Pallas Systems LLC develops testing and diagnostics equipment used in the aerospace, military, transportation, energy and industrial equipment industries.

The company works with the University of Dayton, the U.S. Navy and the European Aeronautic Defense and Space Company.

The low interest loan, to be used for development and equipment purchases, will allow Pallas to create up to 40 new jobs and retain one.

Pallas received the funds from the Innovation Ohio Loan Fund at 1 percent for the first year and 7 percent for the remaining five years. The Development Financing Advisory Council supported the ODOD’s approval of the loan, according to a release from state Sen. Chris Widener (R-Springfield) and state Rep. Ross McGregor (R-Springfield).

Contact this reporter at (937) 328-0371 or elroberts@coxohio.com.

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