Youngstown makes 0.25 percent loan to business

YOUNGSTOWN — The city’s board of control approved a $1 million low interest loan to local manufacturer Brilex Industries, Inc. at a special meeting Tuesday.

Brilex will use the money to purchase additional equipment and retain jobs.

Brilex, located in the Riverbend Business Park on Crescent Street, employees about 125 people. The company fabricates, assembles and repairs customized machinery for other businesses.

The city in conjunction with a reliable bank assures that the company receiving the loan has a stable credit history and the bank guarantees the money will be repaid if the company should default.

Brilex will pay 0.25 of a percent interest for 12 months.