The Pike County Commissioners were recently awarded a grant from the FY 2012 Community Development Block Grant (CDBG) Economic Development Program to assist Geo-Tech Polymers (Geo-Tech) with its expansion to Waverly, Ohio. Geo-Tech will receive a $460,000 loan from the Pike County Commissioners to help with the costs of purchasing and installing equipment at the Waverly plant, which will create 50 new full time jobs.
Geo-Tech is an environmentally friendly company specializing in recycling coated plastics used in consumer and automotive applications, and was recently acquired by Wastren Advantage, Inc. (WAI), an environmental technology company headquartered in Piketon, Ohio.
Doug Collins, president of Geo-Tech, said "The Pike County Commissioners have provided a tremendous amount of support to our project, and we appreciate their hard work in helping us secure this financing. When WAI decided to acquire Geo-Tech and expand the operations to Waverly, our hope was to create opportunities and good jobs in our community. The Pike County Commissioners share our vision and we are pleased to partner with them."
Pike County Economic Development Director Chris Ervin submitted an application to the Ohio Development Services Agency for a $470,000 grant, securing $10,000 in administration funds for the community development office and $460,000 to loan to Geo-Tech. The proceeds from the loan payments will go into the Pike County Revolving Loan Fund, which in time can be used to provide loans to other Pike County businesses.
"We are excited to provide some of the financing for the Geo-Tech expansion to Waverly and look forward to the new jobs. WAI's commitment to investing and creating jobs in Southern Ohio makes it easy to support this project," Mr. Ervin said. "Pike County's number one priority is growing the economy. The CDBG loan program is a great resource for us to use to support local businesses."
In addition to the $460,000 CDBG Loan, Geo-Tech has received a $50,000 grant from the Fluor-B&W Opportunity Fund, a $10,000 grant from the Southern Ohio Agricultural and Community Development Foundation, a $1.2 million loan through the Jobs Ohio program, and a $50,902 Job Creation Tax Credit. The balance of the project is being financed locally by Ohio Valley Bank. Geo-Tech expects to begin advertising for positions before the end of the year on the Ohio Means Jobs website, www.ohiomeansjobs.com. The expansion will be complete by the end of March 2013.