WASHINGTON, D.C. — Today, U.S. Sen. Sherrod Brown (D-OH) announced that the U.S. Department of Agriculture (USDA) has awarded a $1,125,000 Business and Industry loan to Penco Acquisition Company. This investment will go toward the acquisition of Penco Tool manufacturing, which will help keep over 24 manufacturing jobs in Ashtabula. Outside sources will contribute an additional $880,000 to the project, bringing total funding to $2,005,000.
“Ohio has a rich manufacturing history,” Brown said. “This investment will help attract and keep manufacturing jobs in Ashtabula.”
The funds for this project are a part of the USDA’s Rural Development initiative. Brown helped secure a strong Rural Development title in the 2014 Farm Bill, and will continue to advocate for Rural Development programs in the 2018 Farm Bill.