• Portage Development Board: Economic Development Update

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    📍RoVisys in Aurora, Ohio
    Featured Success at PDB - RoVisys 2012 Growth Site Project
    Nurturing growth and facilitating business expansionPortage Development Board is no stranger to assisting and accommodating the growth of businesses based in Portage County. The RoVisys Company, which is based in the City of Aurora, is a provider of comprehensive process automation solutions and services. Its growth required that the company build a new 16,000 office building. The total project costs were $1.9 million. The City of Aurora provided property tax abatement through their Community Reinvestment Area (CRA) program. The PDB worked with JobsOhio to provide a Job Creation Tax Credit and also brought in the Portage Workforce Connection to help with RoVisys’s recruitment needs. This project retained 182 workers and created 80 new positions over a three year period. The total annual payroll was $18.7 million.
    PDB Releases 2022 Annual Report
    PDB is excited to announce the release of our 2022 Annual Report! The report features highlights of last years projects and boasts the four Port Authority projects. In 2022, PDB assisted with 12 successful projects in Portage County! These projects represent over 771 jobs and over $227.7 million in new investment! Read more...
    Burning River Rail Grand Opening in Kent on May 24
    The Burning River Rail, owned by Renewable Lubricants is opening in Kent on May 24. This free networking opportunity for other businesses and businesspeople in Kent is celebrating the new rail service and rail storage on W. Oak Street in downtown Kent. Food and refreshments will be available.
    UH Portage Medical Center Spring into Health Screening Event on April 26
    University Hospitals is proud to offer a variety of health screenings that are free, family-friendly, and offered to the public! Space is limited, please call to register at 330-297-2576 by April 24, 2023.
    Reaching New Heights in Advanced Air Mobility (AAM) - May 2
    Join the Manufacturing Works on May 2 to connect with the companies in the emerging market of Advanced Air Mobility! Position your organization for opportunities in the future of aerospace.
    Manufacturing Works, Team NEO, The Smart Cluster of Northeast Ohio, Baldwin Wallace/Northeast Ohio Flight Information Exchange, and Kent State University are proud to bring you this full day conference. Discussions will be led by OEMs and Industry Experts around how companies can engage in this $40B Industry.
    Who Should Attend?
    ·   Currently in or interested in Aviation and Aerospace Supply Chains
    ·   In the Metal, Plastics, Composites, and Ceramic Supply Chain
    ·   In the Autonomous Systems, Radar, Sensors, and Communications Supply Chain
    Technology Integrators and Users
    ·   Emergency Response, Military, Delivery, Inspection Applications
    ·   Autonomous Technologies, Air Traffic Management, Detection Systems, and Communication Systems
    Full Day Conference: Tuesday, May 2, Kent State University Student Center
    Drone Demonstration: Monday, May 1, Kent State University Airport
    Members of the Portage Development Board are invited to register for this event at the discounted rate of $75. Please use the code MemberPrice when registering. 
    To register, visit Reaching New Heights in AAM.
    Ohio Global Aerospace & Supplier Summit - May 16 & 17
    Global Perspective, Opportunities and Outlook
    Join us for an exciting event featuring leaders from the global aerospace industry, including Aero Design Lab, Airbus, General Electric, NASA, Voyager's Starlab, Boeing, and more. Learn about aerospace supply chains, sustainability, microelectronics, commercial space, and future travel, followed by B2B and B2G networking opportunities.
    For more information on the Ohio Global Aerospace & Supplier Summit, register for the summit.
    Cascade Capital Current Interest Rates for April
    Cascade Capital Corporation bridges financing gaps faced by growing companies. Cascade Capital's SBA 504 Loan Program serves as a viable credit enhancement for banks that require a long term lending partner to complete building/equipment purchases or business acquisitions (fixed asset component) for their customers. The resulting capital expansion financing structure: 50% bank financing - first mortgage; 40% Cascade Capital SBA 504 financing - second mortgage; and a low 10% borrower down payment represents a "win win" situation for all parties involved.
    This month's 25-year SBA 504 fixed interest rate is 5.88%, which represents a 45-basis point decrease from last month. This month's 20-year SBA 504 fixed interest rate is 5.95%, which represents a 38-basis point decrease from last month. 
    For fiscal 2023, SBA 504's Loan Fees have dropped from 2.65% to 2.15%. On a $1 million SBA 504, for example, a $5,000 fee savings would be realized.
    Cascade Capital Corporation's Ohio 166 Loan Program interest rate is currently set at 3.95% fixed for up to 20 years. This is well below current market interest rates and provides an excellent interest rate "blending" opportunity, significantly reducing the full project interest rate cost.
    Cascade Capital Corporation is able to provide Ohio 166 Loans up to $1 million. Ohio 166 can generally finance 40% - 75% of a given borrower's project financing need.
    For information regarding Cascade Capital Corporation's SBA 504 Loan Program or Ohio 166 Loan Program, please contact Bob Filipiak at 330-379-3160 or at filipiak@cascadecapital.org.
    Scalerator NEO Cohort Applications Open
    Calling all business owners that are scaling up -- Scalerator NEO is looking for highly-motivated and ambitious entrepreneurial leaders that operate companies with approximately $3M to $15M in sales and 20-200 employees, and are motivated to aggressively grow their business.
    Applications are being accepted now for Scalerator NEO – the six-month, cohort-based educational program for entrepreneurs and leaders who want to deliver immediate growth to their business and are open to learning new ways to achieve this goal. With a focus on “The 3 C’s of growth” (Customers, Capacity, and Cash), Scalerator NEO touts impressive results, with 75% of participating companies increasing their growth by 25% or more following completion of the program. Scalerator is offered at no cost to selected companies thanks to the support of the Burton D. Morgan Foundation. For more information, email Brittany Bush at brittany@edgeneo.org.
    Portage County GrowLink Program to Benefit Homes, Farms and Businesses
    A new program in Portage County is making up to $2 million available to homeowners, small businesses and family farms. The Portage County GrowLink Program benefits homeowners, small businesses and family farms in Portage County by making low-cost loans available for energy efficiency improvements, job creation/retention and operating expenses. Borrowers must qualify with a participating financial institution and the Treasurer’s Office to participate in the program. To sign up or for more information, download the program brochure or contact a participating financial institution.
    Did you know that you can follow updates and news from PDB on social media? 
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    ABOUT US: The Portage Development Board (PDB) is a 501 (C)(3) private non-profit which consists of a Board of Directors (up to 37 members) and a 12-member Executive Committee. Our responsibilities include providing assistance to industrial realtors, builders, local industries and local communities in an effort to maintain and improve the economic base in Portage County.
    The Portage Development Board will create and retain jobs by coordinating economic development activities that encourage retention, expansion and attraction of businesses; assisting business and educational institutions in cultivating a qualified workforce; and sustaining mutually beneficial relationships with private and public sector collaborators that influence the quality of life and business.

    Are you Hiring?

    Portage is Hiring (PIH) is a free job-board, available to all Portage County employers!
    The PIH website was created as part of the Portage Development Boards workforce attraction initiative. More information on PIH can be found below:
    Post a Job
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    Lydia Pope
    lpope@portagedevbd.org, (330) 297-3470
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