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Last updated 6:45AM ET
July 20, 2018
WOUB Local News
WOUB Local News
Area companies offered loans and tax credits
(WOUB) - With low interest loans and tax credits, the state is trying to lure companies to our region.
Infra-Metals in Scioto County and McGinnis in Lawrence County are being offered both tax credits and loans.
The McGinnis loan is for $10 million, according to the Ohio Department of Development, and will result in the employment of 50 people.
The company is thinking about expanding its ship yard and dry docks facility at South Point, but is also looking at two other states for the project.
Loans to Infra-Metals total more than $8 million.
The company is planning a steel products plant in Portsmouth that would employ 52 people. Three other states are also competing for the project. In Morgan County, ABC Manufacturing is being offered a tax credit worth an estimated $766,000 if it starts operations in Malta.
ABC makes conveyors and plans to hire 200 people, but is also looking at plant sites in two other states. The Development Department says another loan has been approved for Chieftan BioFuels, a start-up company that will produce biodiesel fuel and animal feed in Logan, and create 20 jobs. The loan is for $500,000.
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