A total of 448 jobs in Pike and Scioto counties will be created or retained, Ohio Gov. Ted Strickland announced Monday, indicating that loans valued at more than $2.7 million have been made available to two area companies. The funding was recommended by the Development Financing Advisory Council to support the two economic development projects.

Taylor Lumber Acquisitions, Inc., of McDermott has been awarded a $1.7 million loan to be used for the purchase of new machinery and equipment, which the company says will enable them to become more efficient and ultimately more profitable. The more than $2.2 million project is expected to assist in retaining 175 positions.

Another $1 million has been awarded to VR Waverly, Inc. to be used for the purchase of new machinery and equipment, which the company says will allow them to expand their Waverly manufacturing operation by acquiring a new 1,200- ton Transfer Press to accommodate the influx of new General Motors business. The more than $2.3 million project is expected to create 50 jobs and will assist in retaining 223 positions.

VR Waverly designs and manufactures metal stampings, modular welded assemblies and heat shields for thermal applications, and is a mechanical tier-one supplier to major automobile manufacturers.

“In southern Ohio and across the state, business people have told me that expansion is only possible if they can access working capital,” Strickland said. “These loans reflect our belief that if you put the right tools in the hands of Ohio’s job creators, they will produce exceptional products and put people to work.”

At the same time, VR Waverly, Inc. has been awarded a 45 percent Job Creation Tax Credit for a five-year term as a result of the company’s expansion project. The value of the tax credit is estimated at $207,313 over the term, and the company would be required to maintain operations at the project site for eight years.

“Companies are choosing to invest in Ohio because we have the lowest business taxes in the Midwest and a highly skilled workforce that, taken together, create a competitive advantage for businesses looking to expand,” Strickland said. “We are committed to continuing to improve the state’s business climate and partnering with companies to help them grow and create jobs for Ohioans.”

“The collaboration with industry partners reinforces our commitment to helping to develop Ohio’s 21st century economy by building on the existing strengths of our skilled and talented workforce,” said Lisa Patt-McDaniel, director of the Ohio Department of Development.

In all, the Ohio Tax Credit Authority has approved Job Creation Tax Credits for 12 businesses involved in projects that, if expanded or located in Ohio, are expected to create 679 jobs and retain 3,191 positions for Ohioans.

FRANK LEWIS can be reached at (740) 353-3101, ext. 232 or flewis@heartlandpublications.com