COLUMBUS—State Senator Bob Peterson (R-Washington Court House) today joined fellow members of the State Controlling Board to approve $25 million for the Developmental Services Agency (DSA) to once again make loans available under the Rural Industrial Park Loan Program.
"This is an important program that communities in our area benefit from—giving them the tools to develop shovel-ready sites that will attract and support economic development in our district," said Senator Peterson. "In the past, we have seen many successes using similar funds to develop speculative sites and buildings, and I look forward to seeing the loans put to good use once again in Ohio."
Peterson, who introduced legislation to reinstate the program in both the 133rd and 132nd General Assemblies, was successful in working with other members of the General Assembly to include an amendment in the most recent state budget that reinstated the program.
Earlier this year, economic development representatives from around the state, including Lawrence, Jackson, Pike and Gallia counties to name a few, testified in the Ohio House Economic and Workforce Committee in support. They outlined both what the program has done in the past, as well as the benefits they see moving forward.
Specifically, the purpose of the Rural Industrial Park Loan Program is to provide funding for the development and improvement of industrial parks through loans and loan guarantees for land acquisition. The loans can be used to construct, rehabilitate, renovate, or enlarge industrial park buildings, as well as to make infrastructure improvements.
Information on the loan application process will become available as the program is developed by DSA. For more information, please contact Senator Peterson's office at Peterson@OhioSenate.gov.