entrotech, a growing Columbus technology company, will benefit from a $2 million sale-leaseback financing structure with the Ohio Department of Development and the Columbus-Franklin County Finance Authority. The state tapped its Research and Development Loan program to encourage entrotech to accelerate the development of a new paint replacement film that will replace traditional paint application methods. The film will be a solvent-free adhesive, thus significantly lowering the environmental impacts of industrial painting and coating.
“entrotech has benefited from a unique financing structure provided by the State of Ohio and the Columbus-Franklin County Finance Authority, allowing our business to continue to grow and thrive in Central Ohio. We appreciate the strong support shown to us by both of these organizations.” – Jim McGuire, President, entrotech
The final piece of the financing structure was provided by the Finance Authority which agreed to facilitate the transaction by
purchasing a piece of equipment from the company, valued at over $3 million, and leasing it back. The company will create 35 jobs and retain 18 jobs as a result of the project.
The Columbus-Franklin County Finance Authority is in its fourth year of operations and has issued $267 million in financing closing on 16 projects that will invest more than $328 million and create over 1,440 jobs in Central Ohio.