The proposed $3 million loan, routed to an LLC majority owned by The Model Group, Inc., would come from Ohio’s low-interest Regional 166 Direct Loan Program, which the state describes as an avenue for capital available for expansion projects undertaken by companies “that have limited access to capital and funding from conventional, private sources of financing.
The state said the loan comes with an agreement that the project site will create 40 new jobs. The loan’s conditions, per the request, is a seven-year term with a 0% interest rate in the first five. years, with a 2% interest rate in the final two years. The total loan balance is due in full at seven years.
The Ohio Controlling Board will vote on the request at its Dec. 15 meeting.
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