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News & Events

Darke County CIC Issues First Small Business Loan

DARKE COUNTY- Under a new program, the Darke County Community Improvement Corporation (CIC) has issued a low-interest small business loan for the first time in the organization’s history. A $100,000 loan has recently been issued to Ohio Plastics Processors of Greenville in support of the company’s job creating project and investment in the local economy.

Board that runs the Partnering for Progress initiative issues its first low-interest loan locally to help spur investment, job creation

DARKE COUNTY- Under a new program, the Darke County Community Improvement Corporation (CIC) has issued a low-interest small business loan for the first time in the organization’s history. A $100,000 loan has recently been issued to Ohio Plastics Processors of Greenville in support of the company’s job creating project and investment in the local economy.

The CIC, which is the governing board for the county’s collaborative economic development initiative known as Partnering for Progress (P4P), began the loan program late in 2011 through a USDA grant and a local match by P4P contributors. According to Economic Development Director Marc Saluk, the program was a needed one for the county’s arsenal of business incentives.

“Existing low-interest loan programs can take a while to implement, have what we would consider to be an excessive paperwork burden, and can be difficult to qualify companies for ,” explained Saluk. “With the new CIC program, we can issue money to the loan candidate relatively quickly and with a great deal more local control of the program. It’s a great small business tool and a program we hope to grow.”

The CIC approved the loan at a 2-percent interest rate and a 5-year term. Ohio Plastic Processors (OPP) will use the funds to purchase new equipment for their operations at 1355 Sater Street. The site, formerly occupied by Ramco Electric Motors, is occupied by both OPP and MJS Plastics. The two companies are jointly owned and operate under the same management team. OPP is a recycled plastic processor that will create four new positions as a part of the loan agreement.

According to CIC officials, every year there are company projects locally that traditional low-interest loan programs will consider too small or to have too few jobs created to qualify for public incentives programs. They state that many of these are quality projects brought forth by well-run smaller companies.

“The CIC wants to be able to help foster growth of the county’s existing small business and start-up operations, where it is fiscally sound to do so” commented CIC Treasurer Matt Kolb. “It’s great to be able to bring assistance for our larger companies and we continue to do this. But doing what we can to encourage investment and job creation in smaller local companies can pay huge dividends down the road as these businesses grow and become mainstays of the local economy.”

The loan comes on the heels of another local project incentivized through the efforts of the Partnering for Progress initiative. Over the summer, the Darke County Commissioner’s issued a $150,000 low-interest loan to All American Clothing in Arcanum. The loan, issued at a 1.8% rate over 15 years, helped the company move into the former Creative Cabinets building and expand its operations, resulting in a commitment of six new positions.

According to Kolb, the CIC loan program still has funds remaining and the CIC is actively seeking candidates for these funds. Businesses with interest in the program can contact Marc Saluk or Melanie Nealeigh at the economic development office at 548-3250 for more information.