Paulding County Economic Development Press Release April 27, 2022
Collaboration builds and supports Paulding County business growth PAULDING COUNTY, OH – The Paulding County Area Foundation (PCAF) and the Paulding County Economic Development (PCED) office have once again collaborated to promote Paulding County business growth. The PCAF has contributed $20,000 to the PCED office to be used in small business loans. The loans can be used for any variety of expenses that could include: business start-up costs, equipment upgrades, facade improvements, etc. It would be asked that the loans be paid back, at a very low interest rate over an extended period of time, so that the funds would continue to be available for future businesses and investment.
Tim Copsey, PCED Director explained, “The partnership between these two county entities has always been strong. Lisa (McClure) and her board have been one of the biggest supporters of PCED, all the way down to providing us office space. But this collaboration piece goes above and beyond, in true promotion of business growth and expansion in the county. If we could turn this money over two or three times, just imagine how many businesses this could touch and support around the county.”
The conversations began with PCAF Director Lisa McClure and Copsey discussing the surrounding counties and how their foundations were interacting with economic development. Some were heavily involved, some weren’t involved at all. The question became if PCAF and PCED wanted to develop and test a new opportunity and begin something that could offer a small, but quick benefit to the county business community.
“During covid there were businesses that stated they would do some growth or expansion but just needed a little seed money to get started. They weren’t exactly sure how covid was going to affect their bottom line. It would have been great to have this in place to help them jumpstart their ideas,” stated Copsey. “Since covid has tapered off, similar type of requests continue to come into the office. We believe this loan program will really assist in putting these small ideas into real projects that assure businesses of their idea and perhaps further enhance business, employment, include financial institutions, and basically grow the county bottom line” he continued.
McClure presented the opportunity to her PCAF board and they were in full support, “Our board was fully engaged in this grant opportunity. Promoting growth to the residents of Paulding County, in part, is the mission statement of the Paulding County Area Foundation. We look forward to many more partnerships with Paulding County Economic Development as we continue to further enhance the business of Paulding County”.
Loan applications are available through the PCED office. For those that employ less than ten full-time employees, and meet the established eligibility guidelines, there will be loans of up to $2500 considered. The business that qualify will receive their funds and have a ninety day grace period before a repayment schedule is provided for payment over the next 18 months. All repaid loan funds will be returned back into the account for future use.
“We cannot thank Lisa and the Paulding County Area Foundation board enough for believing in us enough to make these funds available and helping develop this opportunity” closed Copsey. The Paulding County Area Foundation contributed funds to the Paulding County Economic Development office to be made available for area businesses. The collaboration will allow businesses that have ten full time employees or less to apply for a low interest improvement loan.
Pictured above (L-R): Area Foundation Director Lisa McClure, Economic Development Director Tim Copsey, and George Carter, member of both boards.