Local Companies get State Tax Credits – The Plain Dealer (July 27, 2005)

July 27th, 2005

July, 2005

Cleveland’s Talan Products Inc. and THI Holdings Inc. of Highland Hills are among nine companies to receive job creation tax credits from the Ohio Tax Credit Authority. Talan, a metal stamping company, will get an eight-year, 55 percent credit valued at $152,192 to expand its manufacturing operation – a project expected to create 45 jobs in three years. THI, a subsidiary of Nationwide Insurance Co., will receive a 10-year, 60 percent credit valued at $3 million to grow its headquarters by 250 employees in three years. 2 companies get development loans.

Two Northeast Ohio companies will receive loans from the state’s Development Financing Advisory Council, which allocates money to firms as an incentive to create and keep jobs in Ohio. Hudson’s QuaTech Inc., a maker of data communications products, will get an 8 percent, $2.5 million Innovation Ohio Loan to help acquire a wireless connectivity technology that will enable the company to grow into new markets and add 22 jobs in three years. Camaco LLC, a Michigan- based firm that produces seating frames for the auto industry, has received a 3 percent, $2 million direct loan to launch a tube and stampings operation at its Lorain campus. The Camaco project is expected to create 40 jobs in three years.


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