Loan for expansion of tool manufacturing company’s capabilities
When West Troy Tool sought more effective ways to meet their customer production demands, they turned to Dinsmore. The client, which supplies product-based manufacturers with tooling and component parts, had been in their current location in Troy since the 1990s. We worked with the client to secure an approximately $2.3 million loan from the Director of Development Services Agency of the State of Ohio as part of the Ohio Enterprise Bond Program, also known as JobsOhio, a program that serves as the state’s public-private development arm. The loan enabled the client to purchase three molding machines, as well as provided funds for additional equipment and tooling as West Troy continues to grow. The new equipment and machinery will increase production and improve the client’s product offerings, as well as offer more jobs in the Miami Valley area. The deal also ensures that the company will remain in the state, and serves as a successful example of the use of the JobsOhio program.