Sen. Brown Announces More than $17.3M in Loans to Help Ohio Small Businesses Expand Operation, Hire 215 New Workers

Loans Resulting from Passage of Small Business Jobs Act; Will be Distributed to 48 Companies, Retains 1,080 Jobs and Creates 215 New Jobs

WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) today announced that $17,338,800 in loans have been awarded to 48 small businesses throughout Ohio. These loans, provided under the U.S. Small Business Jobs Act, will support small businesses by incentivizing facility expansion and hiring growth. They will enable the retention of 1,080 jobs and the creation of 215 new jobs.

 “Small, family-owned businesses across Ohio are now able to hire new workers and expand operations thanks to the Small Business Jobs Act we fought to pass, which was signed into law late last month,” Brown said. “Small businesses are engines of economic development – creating nearly two-thirds of new jobs. Passing the Small Business Jobs Act has helped unfreeze the credit market for nearly 50 small businesses and Ohio manufacturers. I’m thankful that Sen. Voinovich was one of two Republican senators who put politics aside and broke with his party to pass this critical bill.”

The Small Business Jobs Act will help small business owners access more private capital to finance an expansion and hire new workers. Endorsed by the Chamber of Commerce and National Federal of Independent Businesses (NFIB), the Small Business Jobs Act created a $30 billion loan fund – at no cost to taxpayers – to enable community banks to make loans to small businesses seeking to expand operations or hire new workers. Click here for a summary of the bill's provisions.

Small Business Administration (SBA) loans through the Recovery Act have supported more than $26 billion in small business lending, which has helped to create or retain 650,000 jobs. SBA has estimated that the loan increase through the Small Business Jobs Act would expand lending to small businesses by $5 billion in the first year.

Because many Ohio small businesses are in the manufacturing industry, they require higher loan limits due to higher capital costs in the industry. Brown worked alongside Governor Ted Strickland to pass a critical provision in the Small Business Jobs Act. The "State Small Business Credit Access Fund," provides funds for the next 10 years in grants for states to support small business lending programs. The program allows states to build upon successful models for state-administered small business programs, including capital access, loan participation, collateral support, state-run venture capital, and credit guarantee programs.

The Recovery Act included provisions which made SBA loans more attractive to both borrowers and lenders. Congressional efforts to renew these provisions stalled and SBA lending declined steeply in June. To illustrate this and the need to provide additional support for small business lending, Brown released data on the number of loans provided to small businesses through the SBA’s popular 504 loan program.  From March 29 to June 13 2010, the SBA approved an average of 4.7 loans per week.  From June 21 to July 18 2010, that number plummeted to an average of 0.2 loans per week. Brown’s legislation would expand SBA loans and return lending to the pre-June 2010 activity level, before the Recovery Act provisions expired. 

Brown is working to unlock the credit market for small businesses – which create more than 64 percent of new jobs. He has held a series of forums connecting more than 1,000 Ohio small businesses with federal officials from the SBA. Recently, Brown’s office hosted a series of workshops on small business lending programs throughout the state with more than 450 participants in attendance. In the coming weeks, Brown’s office will hold workshops in Rio Grande, St. Clairsville, Cincinnati, Dayton, and Hillsboro.

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STATE

BORROWER

CITY

CURRENT EMPLOYEES

JOBS CREATED

TOTAL APPROVED LOAN AMOUNT

OH

All About Kids Childcare And L

Cincinnati

1

40

$1,024,000

OH

AMERICAN MANUFACTURING, INC./A

Toledo

14

0

$1,200,000

OH

BRIAN J. BRITT, D.D.S., LLC

Berea

11

0

$1,113,000

OH

Carol Richardson

Powell

0

0

$30,000

OH

Charles E. Myers & Thomas A. M

Huron

3

2

$105,000

OH

Craig S. Martin

Steubenville

1

0

$25,000

OH

Davenport Aviation, Inc.

Columbus

2

0

$150,000

OH

David L. Smigel

Barnesville

31

4

$143,000

OH

EDUCATION SOLUTIONS LLC AND ED

Chagrin Falls

150

30

$755,000

OH

F Troop Trucking Co.

Strasburg

3

0

$24,900

OH

Facet Jewelry Music & Pawn

Milford

21

15

$912,000

OH

FUTRONICS INC.

Fremont

13

7

$379,000

OH

Geared for Imagination LLC

Fairlawn

2

1

$75,000

OH

Home Instead

Mentor

28

3

$107,000

OH

Lazer Kraze 3.0, Inc.

Lewis Center

1

24

$512,000

OH

LX Properties LTD and Royalton

North Royalton

14

2

$800,000

OH

M & L Auto Specialty LLC

Strongsville

11

10

$647,000

OH

M.D. Truck Repair

Grove City

3

0

$50,000

OH

Madigan Custom Framing And Mem

Hilliard

1

1

$50,000

OH

Michael Sacher

Columbus

23

0

$25,000

OH

Mungo, Inc. dba Trattoria Roma

Cincinnati

6

2

$251,000

OH

National Exposure Testing Inc.

Sylvania

5

5

$446,000

OH

North Coast Subway, Inc.

Fairview Park

30

0

$300,000

OH

Ohio Laser LLC

Plain City

21

9

$824,000

OH

Painesville Restaurant Group L

Painesville Township

25

0

$500,000

OH

Piara Rai

Northfield

0

0

$22,400

OH

Pipkin's Fruit & Vegetable Mar

Cincinnati

11

0

$448,000

OH

Quantum Healthcare Inc.

Vermilion

27

2

$524,000

OH

R & B HOLT ENTERPRISES,

Piqua

11

0

$385,000

OH

Richter & Associates Inc.

Twinsburg

1

17

$1,048,000

OH

Rik Saylor Financial Inc.

Fairfield

1

4

$196,000

OH

Roberts and Roberts

Portsmouth

4

4

$100,000

OH

Rod's Restoration Wizard LLC

Ross

2

1

$80,000

OH

Saint Martin Power Boats LLC

Mentor

12

10

$185,000

OH

Schmiesing Veterinary Clinic

Sidney

6

0

$170,000

OH

Sirna & Sons Inc

Norwalk

200

7

$369,000

OH

Skunnark, Inc.

Cincinnati

9

0

$146,900

OH

Smartie Pants, Inc.

Olmstead Falls

2

0

$18,700

OH

Souders Financial Services Inc

Cincinnati

8

0

$528,000

OH

SPADICHI, INC.

Cleveland

5

0

$500,000

OH

Subway

Lewis Center

130

10

$278,000

OH

Suncrest Gardens, Inc.

Peninsula

184

0

$750,000

OH

Tamcorp, Inc dba HRA Human Res

Dublin

2

0

$50,000

OH

The Concord Technology Group L

Concord

5

2

$150,000

OH

The Garden Path & Landscaping

Hamilton

20

0

$70,000

OH

The Prout Group, Inc.

Cleveland

10

2

$305,000

OH

Trampler Brothers Paving, Inc.

Cincinnati

0

0

$234,700

OH

WILD E. COYOTE LLC

Sandusky

10

1

$332,200



Total:

1080

215

$17,338,800







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