Funding for Lock Joint Tube (LJT) closed on April 11, 2025.  The project received $9 million in Federal New Market Tax Credit (NMTC) allocation from Development Fund of the Western Reserve, Inc., the final piece of the capital structure to move this project forward. The financing is being used for equipment and working capital.  Through this funding LJT will expand its specialty steel tubing capabilities and create additional accessible quality jobs.  LJT is a key employer in Orwell, employing over 100 people with competitive wages, benefits, and training opportunities.  This is the second project Development Fund of the Western Reserve (DFWR) has done with LJT, delivering $6.9 million in federal NMTC and $1M in state NMTC in 2021 for the acquisition of Welded Tube, Inc.

The Development Finance Authority of Summit County (DFA) announced today the retirement of Chris Burnham as President, effective December 31, 2024, and the appointment of Rachel Bridenstine as President, effective January 1, 2025.  Bridenstine, currently Vice President of the organization, has been with DFA since 2015, held numerous executive level positions and has worked together with Chris in the growth and success of the organization.  

October 26 2022 Akron, OH – Summit County Executive, Ilene Shapiro, recently announced the creation of a new energy efficiency revolving loan fund (RLF), which will be managed by the Development Finance Authority of Summit County (DFA).