Pike County gives loan to expanding company
PDT Staff Writer
The Pike County Commissioners this week have awarded Geo-Tech Polymers, of Waverly, a $460,000 loan through their 2012 Community Development Block Grant (CDBG) Economic Development Program. The loan is expected to assist the company offset the cost and installation of equipment in it’s Waverly facility.
“We are excited to provide some of the financing for the Geo-Tech expansion to Waverly and look forward to the new jobs. WAI’s commitment to investing and creating jobs in Southern Ohio makes it easy to support this project,” said Chris Ervin, Pike County Economic Development Director.
On the Geo-Tech Polymers website (www.geo-tech.com), the company describes itself as “an environmentally friendly company specializing in recycling coated plastics used in consumer and automotive applications. Geo-Tech has developed the essential process to remove coatings (paints and metals) and reclaim valuable plastic substrate materials without using chemicals or solvents that can degrade properties and diminish surface appearance.”
Geo-Tech Polymers was acquired by Piketon based Wastern Advantage, Inc. (WAI). WAI was recently ranked by Inc. Magazine as one of the “100 fastest growing private small business companies in the nation.”
In addition to the loan, the company has also received a $50,000 grant from the Fluor-B&W Opportunity Fund, a $10,000 grant from the Southern Ohio Agricultural and Community Development Foundation, a $1.2 million loan through the Jobs Ohio program, and a $50,902 Job Creation Tax Credit. The balance of the project is being financed locally by Ohio Valley Bank.
It’s expected by Geo-Tech officials the companies expansion efforts will result in the creation of 50 jobs. The company anticipates posting positions before the end of the year.
Wayne Allen may be reached at 740-353-3101, ext. 228, or firstname.lastname@example.org.
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