Shearer's Foods
Massillon, Ohio
The Summit County Port Authority, in cooperation with the State of Ohio, the Ohio Water Development Authority (OWDA) and Stark County Port Authority funded a 62,000 square foot production plant and warehouse expansion for Shearer's Foods, Inc. in Massillon, Ohio. Additionally, the OWDA loan funded a portion of an onsite water treatment facility needed for the production of Shearer's kettle style potato chips.
The Value Provided:
Coordinating and closing three separate financing sources simultaneously and meeting the company's project schedule.
Benefits of Working with us
The Summit County Port Authority worked cooperatively with the Stark County Port to issue bonds within the Summit Port's Bond Fund to fund a portion of the project. Additionally, the Port worked closely with the State of Ohio and the OWDA to fund $5,900,000 of low interest rate loans. The expansion is expected to retain 105 jobs and create 31 new jobs at the project site over the next three years.
Project Cost:
Source Funds:
$4,000,000 Summit Port Authority Bonds
$2,500,000 Chapter 166 Direct Loan
$3,400,000 OWDA Loan
$3,000,000 Shearer's contribution
$12,900,000 Total
Interest Rate:
All in interest rate of approximately 5.00%
Financing Options
Economic development options for industrial, commercial, non-profit, and public projects.
Application
Click here to view our financing application.
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