CAMBRIDGE – The Ohio Mid-Eastern Governments Association recently closed on the largest loan in its Revolving Loan Fund’s history, and the business on the receiving end of the loan is up and running in its new, expanded facility.
The loan to Gemini Industrial Machine Group of New Philadelphia is the 94th and largest in the 27-year history of OMEGA’s Revolving Loan Fund (RLF). OMEGA’s RLF offers low-interest loans in conjunction with bank financing to new or expanding businesses in the 10-county OMEGA region.
OMEGA partnered with Huntington Bank to finance the expansion project, with the RLF accounting for 15 percent of the project. RLF loans typically have a competitive interest rate of between 4 and 6 percent.
"Gemini Industrial Machine Group is an exciting and entrepreneurial engineering and advanced manufacturing company," said Lolly Ravak, OMEGA’s RLF administrator. "Under the current management team, the company is well positioned to become a global leader. Gemini’s new facility will be an asset to the county as well as the region and state. OMEGA is proud to support this project, and we look forward to what the future holds for Gemini."
"We were surprised how easy it was to work with OMEGA to put financing together," said Gemini Industrial Machine Group President Jason Johnson. "We fully expected many hurdles and were pleasantly surprised. We look at the new building as a tool for our continued growth and love working with partners such as OMEGA that believe in what we do," Johnson said.
Since 1992, OMEGA’s RLF has loaned more than $6.6 million and leveraged an additional $40 million in other funds, which has helped to create or retain more than 1,600 jobs in the OMEGA region.
The three-year old Gemini Industrial Machine Group outgrew its previous space and has begun operations in a new 25,000-square foot design and manufacturing facility in the Tuscarawas Regional Technology Park. Gemini, founded by Johnson and Vice President Cash Williamson and joined by partner Kip Bolon, designs and manufactures parts and equipment for other businesses.
"Basically, we build equipment for area manufacturers," Johnson said. "So, they come to us with needs in automation or specialized equipment inside their facilities. We take that, and our engineers get to work, design it. We build it. We test it -- everything in-house. And then we deliver it as well."
For information about OMEGA’s RLF, contact Lolly Ravak at 740-439-4471, ext. 203, or by email at email@example.com. More information is also available on OMEGA’s website at www.omegadistrict.org/programs/business-development/rlf/