By 1812Blockhouse
The Ohio Department of Development has approved a $1 million loan to Rylanda Real Estate Development, LLC to support the construction of an 18,000-square-foot facility at 1310 West Fourth Street in Mansfield. This funding is part of the Regional 166 Direct Loan Program, which assists businesses with limited access to private capital.
The local project is the largest recipient in the current round of awarded loan funds.
Rylanda Real Estate Development, LLC is a real estate holding company that will lease the space to NCF CIM Fabricators, LLC, a Mansfield-based specialty contractor specializing in high-quality metal fabrication services for commercial and institutional market sectors. The $3 million project is expected to create 10 new full-time-equivalent jobs while retaining 43 existing positions, further strengthening Mansfield’s industrial sector.
Supporting Growth Across Ohio
Beyond Mansfield, two additional projects in Stark and Wood counties will receive funding through the Regional 166 program:
- Canton Expansion: Premier Warehouse and Storage, LLC is set to receive $318,750 for the purchase of a 9,600-square-foot commercial property at 2651 Cougar Street NE. The site will be leased to Lutz Landscaping and Management, Inc., a commercial lawn and landscaping company. This $425,000 project will generate three new jobs while preserving 10 existing positions.
- Perrysburg Business Investment: Maumee Valley Restaurant Group LLC, operating as Extra Virgin Food Services, will receive $205,413 to purchase new equipment at its facility in Perrysburg. The food service company provides catering, vending, and meal preparation services to businesses across northwest Ohio. With a total project cost of $273,885, the initiative will create two new jobs and retain 32 existing positions.
About the Regional 166 Direct Loan Program
The Regional 166 Direct Loan Program is designed to support industry, commerce, and distribution or research activities across Ohio. It offers loans up to $1 million to businesses with limited access to private funding. By prioritizing job creation and economic revitalization in distressed areas, the program plays a vital role in strengthening local economies.
Eligible projects undergo an extensive approval process, including review by one of seven regional economic development agencies. Businesses cannot commence projects until receiving authorization from the Ohio Controlling Board.
Strengthening Ohio’s Economy
These investments highlight Ohio’s commitment to fostering business growth and job creation. The Ohio Department of Development remains dedicated to empowering local communities by providing resources that enhance economic opportunities.
For businesses interested in applying for funding, details on eligibility and the application process are available on the Regional 166 Direct Loan Program page.
Source: Ohio Department of Development; Image by THAM YUAN YUAN from Pixabay
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