Posted on Thursday, January 26, 2023
TOLEDO, Ohio, January 26, 2023 – The Toledo-Lucas County Port Authority provided over $88 million in financing during 2022 to various organizations across the region through its multiple financing programs, resulting in the creation of over 800 new jobs. The Port Authority’s Northwest Ohio Bond Fund (NWOBF) saw a record year with the issuance of $38 million across five separate projects. Additionally, eight U.S. Small Business Administration (SBA) 504 Loans were approved and/or closed totaling $6.375 million, and five Ohio Regional 166 Loans were approved and/or closed totaling $4.1 million. Both the SBA 504 and Ohio Regional 166 programs are managed and administered through the Port Authority Financing Program offerings.
“The Port Authority is proud to be a financial asset serving local businesses throughout our region,” said Thomas J. Winston, President and CEO of the Toledo-Lucas County Port Authority. “Supporting businesses of any size with creative financing solutions, and watching these projects come to fruition, is a very rewarding part of our job. We are excited to see what new opportunities come forward in the new year.”
In November, the Port Authority participated in the groundbreaking of a full-service climbing center for Adventus Climbing, who utilized the Small Business Administration’s 504 Loan Program to secure $1,175,000 in loans to assist with the construction and equipment for a new facility, located at 2900 N. Reynolds Road, in Toledo, OH. Adventus Climbing will be a great addition to our community, serving climbers of all ages, backgrounds, and skill levels.
“As one of our financing partners, the Toledo-Lucas County Port Authority provided resources that were critical to our project getting activated,” said Rachel Hobson, Co-Founder, Team Leader for Adventus. “Jason [Loan Programs Manager for the Port Authority] has been committed to helping our team find funding solutions while educating us on SBA guidelines and requirements. It has truly been a pleasure to work with their team.”
The Port Authority’s NWOBF promotes economic development, including the creation of new investment and private and public sector jobs in the Northwest Ohio region. The NWOBF, which has an investment grade rating of “A-” from Standard & Poor’s, is designed to provide private companies and public entities access to fixed, investment grade interest rates in the national capital markets.
In April, the Port Authority Board of Directors authorized the issuance of up to $5 million in tax-exempt revenue bonds through the NWOBF to the Toledo School for the Arts to finance a portion of the costs of renovating their existing 90,000 sq. ft. building in downtown Toledo, including adding additional classrooms and studio spaces. Toledo School for the Arts is a three-time recipient of the Port Authority’s financial offerings.
“The Port Authority’s financing was critical to complete TSA’s Next Big Thing Capital Campaign and construction project,” said Rob Koenig, Interim Director for Toledo School for the Arts. “We were able to obtain a financing package that provided a low interest rate along with a reasonable length of time to repay the bonds. Throughout the process, we felt that everyone from the Port involved was motivated to provide the best possible outcome for the school. We are extremely grateful to the Port staff shepherding us through the process to achieve a great result.”
In 2022, the Port Authority issued its eighth energy bond through the NWOBF, the proceeds of which were used to finance various projects totaling over $6 million through the Port’s BetterBuildings Northwest Ohio (BBNWO) energy efficiency program.
One of these projects was the financing of energy efficient upgrades to the new headquarters of JAM Best One Fleet Services. The company acquired a new building on Lewis Avenue in Toledo, where it will relocate to accommodate the growing business. JAM Best One Fleet Services utilized the BBNWO program to finance energy efficient upgrades to the facility, including roofing upgrades, LED lighting, and a natural gas and electricity supplier switch. It is anticipated these upgrades will result in $149,093 in annual energy savings. JAM Best One Fleet Services also utilized the Ohio Regional 166 Loan program for their equipment financing needs.
ABOUT OUR FINANCING PROGRAMS
The Toledo-Lucas County Port Authority has developed a national reputation for innovative business financing, assisting over 600 economic development projects representing a total investment of more than $2 billion, while helping to create and retain over 20,000 jobs. Financing options include Development Revenue Bonds, Conduit Revenue Bonds, the Ohio Regional 166 Loan Program, the U.S. Small Business Administration 504 Loan Program, the Northwest Ohio Revolving Loan Fund, and the BetterBuildings Northwest Ohio Energy Efficiency Loan Program. For more information on these programs, visit toledoport.org.
The mission of the Toledo-Lucas County Port Authority is to develop expertise and assets that drive and grow the region’s transportation and logistics infrastructure and its economic prosperity for all.
www.toledoport.org – 419.243.8251