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.
LJT is a 101-year-old steel manufacturing company with facilities across several states which plays a pivotal role in the Midwest’s steel production/processing supply chain across many different industries including automotive, healthcare, and solar.
This is DFWR’s fifth project in Ashtabula County with investment in the region totaling $38M federal NMTC and over $5M in state NMTC, with an additional $37,412,045 of financing from other community development entities and private investment. These five projects include:
1. Signature Health Ashtabula: an expanded federally qualified health center in Ashtabula, which provided much needed access to health care, containing mental health services, primary care, and a pharmacy.
2. Riverbend Hotel: the first hotel in Ashtabula in 100 years, opened in September 2024 and offers a conference room and rooftop bar in the historic harbor area.
3. The expansion of broadband telecommunications into areas where it was previously unavailable.
These projects, along with LJT have created or maintained over 200 jobs in the region.
The NMTC program continues to play a central role in fostering economic growth and development in underserved communities. Through strategic partnerships and a shared commitment to revitalizing economically distressed areas, the NMTC program is a catalyst for positive change and long-term sustainability. Through strong partnerships and a commitment to economic development DFWR has been able to maintain its commitment to strengthening local economies, creating accessible jobs, and impacting the region. According to Rachel Bridenstine, Executive Director of DFWR, “The New Markets Tax Credit Program has been so influential to access to capital, quality jobs and services for our region. We are proud to be a part of the growth of a significant job-creator in Ashtabula County and the overall economic health of our region.”