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Color 3 Embroidery Inc. will add 5 jobs after $92K in state financing
By Marc Kovac
COLUMBUS
State lawmakers have approved a low-interest loan for a Trumbull County company.
Color 3 Embroidery Inc. of Warren will use the $92,767 in state financing to buy four new embroidery machines.
In turn, the company is committed to create five jobs and retain 20 others as part of the project, according to documents.
Color 3 Embroidery was established in 1996 and provides wholesale services to clients in and around Ohio. The total cost of the expansion is $206,150, with the company covering the remainder through separate financing and equity, according to documents.
The Mahoning Valley Economic Development Corp. earlier signed off on the project.
In other business Monday, the Controlling Board released $3 million to Valley Growth Ventures in Youngstown to assist early-stage technology companies.
The for-profit investment fund will focus on high-growth companies with “regional preferences and a strong interest in supporting their current portfolio while also attracting out-of-state companies to relocate to the Mahoning Valley,” according to documents.
Valley Growth Ventures will provide $3 million in matching funds toward the effort, with involvement from the Youngstown Business Incubator, Tech Belt Energy Innovation Center, Mahoning Valley Economic Development Corp. and individual investors, according to documents.
The Ohio Third Frontier Commission approved the project in April.
Also, lawmakers approved three prison-related projects with ties to the Mahoning Valley.
More than $887,000 will go to the Trumbull Correctional Institution in Leavittsburg for a new alert system, replacing an existing system.
The Trumbull facility also will receive $46,000-plus for lighting upgrades And YESCO Youngstown Inc. was picked to upgrade lighting at the Lorain Correctional Institution in Grafton, at a cost of nearly $57,000.