Hale Performance Coatings in Toledo has received almost $300,000 from the state to help support its upcoming—expansion project.
As part of an Ohio Department of Development program, $285,900 provided to Hale Performance Coatings will help finance the purchase of a Cincinnati Roll Grinder machine in Toledo.
As a result of the state assistance, the Ohio agency Hale Performance Coatings has committed to creating three new full-time equivalent jobs and retaining 73 existing jobs.
Hale Performance Coatings was founded in 1929 as Hale Chrome Service. The family business is now in its third generation of ownership and has expanded its services to serve a 350-mile target base, even the international community in Canada.
Rick Deye is Chairman, and Mike Deye is president. The company offers hard chrome plating, nickel and electroless nickel processes, and high-velocity oxygen fuel (HVOF) coatings. It has about 85 employees.
As part of its ongoing work to bolster small-business growth across the state, the Ohio Department of Development has funds available through a Direct Loan Program.
“Small businesses are big business in Ohio, and we’re dedicated to making sure the resources are there for whatever size project Ohio’s entrepreneurs dream up,” says Lydia Mihalik, director of Development. “We know that when small businesses succeed, the entire state succeeds.”
The Regional 166 Direct Loan Program promotes economic development, job creation, and retention by providing low-interest loans to businesses with limited access to adequate capital from private funding sources.
Eligible projects include industry, commerce and distribution, and research activities, with loans up to $1 million. Priority may be given to eligible projects with higher wages and job creation commitments in a distressed area of the state. A particular loan dollar-to-job ratio is not required.
