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Published on December 03, 2024
Ohio Controlling Board Approves $375K Loan for Brown County's Rural Economic DevelopmentSource: The Ohio House of Representatives

To bolster Brown County's rural economy, the Ohio Controlling Board has cleared a loan of $375,000 from the Rural Industrial Park Loan Program (RIPL). As reported by Ohio House of Representatives official news, this loan is intended to aid the Georgetown Port Authority in purchasing a 41-acre tract of commercial land for development purposes.

The loan accounts for 75% of the total cost for the said project and is seen as a critical step towards luring industrial entities to the area, with the ultimate objective of generating employment opportunities and propelling the local economy forward, State Rep. Justin Pizzulli (R-Scioto County) expressed his anticipation about the project's future impact stating via the Ohio House of Representatives website, "I look forward to seeing the job growth and economic development this project directly facilitates."

Established to support the development of industrial parks and essential public infrastructure, the RIPL targets its assistance toward rural counties, municipalities, townships, non-profits, port authorities, community improvement corporations, and private development entities.

The funding move acknowledges the critical need for sustainable economic stimuli in the rural belts of Ohio, where such systematic financial inputs can trigger a chain reaction promoting regional industrialization and job creation. Georgia Port Authority's vision aligns with RIPL's strategic interests, which support not just the present but also the blueprint for a robust local economy in the future.