Latest Business News from Cleveland, OH

Companies in Cuyahoga Win Loans and Tax Credits

Last week, the Ohio Department of Development announced the approval of tax credits and loans to Ohio businesses, including two located in Cuyahoga County.  $1.5 million in loans were approved for Pittsburgh-based PPG, which is a global supplier of paints, coatings, optical products, specialty materials, chemicals, glass and fiber glass. Meanwhile, Winston Products LLC was awarded a 45 percent job creation tax credit worth nearly $150,000.

"These resources provide funding assistance and tools that will help Ohio businesses grow and thrive," said Governor Ted Strickland, in a news release. "We are committed to supporting the expansion of Ohio's business community by making investments in growing sectors of the economy that create good jobs and move our state forward."  

According to the release, the PPG loan will support a $2.7 million project to upgrade machinery and equipment that is expected to help retain 42 jobs. As for Winston Products, which makes a variety of tie-down lines, the tax credits will aid the company as it undergoes a $1.5 million expansion in Parma that is expected to create 50 jobs.