Kent State, Cleveland Orchestra, two Akron companies will benefit
The Ohio Controlling Board on Monday approved more than $2.4 million in local investment that will create 20 full-time jobs and provide necessary updates to public facilities.
In announcing investment, state Sen. Frank LaRose, a Republican from Copley, said, "I'm proud the state is investing in our community in a way that has such high potential for long-term local growth. Offering support to area entrepreneurs and start-up companies is a valuable investment in our economy for years to come."
The approved projects from Monday's Controlling Board hearing include:
- A partnership between Kent State University and the Cleveland Orchestra that will upgrade and maintain Reinberger Chamber Hall. The state will invest $750,000 in the 400-seat facility in order to bring it into compliance with the Americans with Disabilities Act. Among other improvements, lifts will be installed to raise and lower wheelchairs into the box seating areas.
- Vadxx Energy LLC will receive a $1.6 million loan through the Commercial Acceleration Loan Fund to assist them in funding the outfitting costs at their site in Akron.. The Commercial Acceleration Loan Fund bridges the gap between an early-stage entrepreneurs' need for capital and the traditional commercial sources of financing that are primarily reserved for established businesses. CALF supports businesses that display the potential to grow substantially in size and value over a relatively short period of time. Vadxx Energy is a high-tech recycling company that converts recyclable and nonrecyclable plastic into higher value energy products. The full project cost will be $2.4 million, and it will create 20 new full-time, on-site jobs.
- Akron Surface Technologies Inc. will receive a $100,000 grant from the Ohio Third Frontier Technology Validation and Start-Up Fund for development and commercialization of a metal coating designed to increase the lifespan of mechanical parts. The Ohio Third Frontier Technology Validation and Start-Up Fund assists Ohio universities and research institutions in commercializing and transferring their technologies to Ohio startup companies.