LISBON - Nearly 50 new jobs were created as the result of nine local businesses receiving loans ranging from $20,000 to $100,000 through a program funded with federal stimulus money.
The money loaned through the Laus Deo Foundation resulted in the creation of 48 new jobs and the retention of eight other positions.
"Not only are we proud of the number of new jobs created and saved with these loans, but there is also a positive ripple effect as these new and existing businesses buy products locally and the new jobs help 48 families receive paychecks," said Craig Newbold.
Newbold, who was elected state representative for Columbiana County in the recent election, and his wife, Rose, founded the nonprofit Laus Deo Foundation in the 1990s. Last year, the foundation was awarded $499,000 in federal stimulus money to start a program for loaning money to new and existing businesses.
The loans are for two to 10 years at the maximum federal prime interest rate, with the repaid money to be loaned to new applicants, operating as a small business revolving loan fund similar to one operated by the county the past 20 years.
"It is wonderful to be able to help small businesses in the local area. Columbiana County has great potential, and working together we can help our communities get back on track economically and begin moving forward again," Newbold said, in a news release.
The total amount loaned to the recipients, which consisted of four new businesses and five existing businesses, was $566,000, with Newbold contributing $55,500 of his own money.
The following are the loan recipients:
q Phillips Dock and Door of East Palestine, which provides sales, service and installation of residential and commercial garage doors.
q Aarrow Disposal of Lisbon, which provides residential and commercial garbage services.
q Small Wonders Learning and Discovery Center of Leetonia, a daycare/preschool facility.
q Fashion Forward, an upscale consignment boutique in Lisbon.
q Maxwell China Inc. of East Palestine, which is expanding its ceramic operations.
q EZ Caster, LLC, which is an expansion of the Cobbler's Corner in Columbiana. EZ will produce a new type of casting machine to produce orthotics.
q L & G Trailer Sales and Manufacturing of Salem, which manufactures utility trailers.
q Carefree Enterprises of Columbiana, which operates an online farmer's market featuring produce from local farmers.
q Wee The People II, a daycare and pre-school facility in Calcutta.
Anyone interested in applying can contact program coordinator Deborah Hill at 330-385-5051, option one, or at email@example.com. The loans cannot exceed 80 percent of the project cost, and applicants must have less than $1 million in gross annual revenue, fewer than 50 employees, and the majority of the business must be owned by a U.S. citizens.