CUSTOMER ADVOCACY

Agriculture Company Receives Over $500,000 in Capital Equipment Low-Interest Financing through Partnership with Local Economic Development Organizations

Case Study


Agriculture Company Receives Over $500,000 in Capital Equipment Low-Interest Financing through Partnership with Local Economic Development Organizations

In the world of economic development, local and regional organizations have to wear many hats.

In addition to many other duties, they’re focused on enticing new businesses to move to their area and supporting the businesses that are in their region.  Widespread outreach is not easy.  This is why many economic development organizations have partnered with COACT for their attraction and retention efforts.

Challenge

Agriculture is one of the largest and most vital industries in northwest Ohio.  When a locally-owned company was planning on two large capital equipment projects, they did not know that there were tax incentives and capital expenditure assistance available to them—until COACT called them.

Industry

The Regional Growth Partnership (RGP) is a privately-funded and business-led economic development organization committed to meeting the needs of businesses, site consultants and corporate real estate professionals throughout 17 counties in northwest Ohio and three counties in southeast Michigan.   They partner with local economic development organizations such as the Fulton County Economic Development Corporation and offer a full range of traditional business development services related to business attraction and retention efforts.

“By virtue of having a staff of two people and 96 members, a challenge for us is to make sure that we’re having a consistent conversation with all of the businesses in Fulton County.  COACT’s staff resources and processes they take into account for marketing not only RGP but the Fulton County EDC have given us the opportunity to meet the needs of businesses throughout Fulton County.”

– Matt Gilroy, Executive Director, Fulton County Economic Development Corporation

Process

COACT builds extensive business development and marketing campaigns for the RGP and the local economic development organizations they work with.   We have increased the awareness and reach of these organizations’ services into their communities through our numerous touch points all across the region.   As part of the RGP’s and Fulton County’s retention efforts, we reached out to every company within Fulton County, Ohio, to learn more about their current operations, potential pain points, and future growth initiatives.

Solution

Representing both the RGP and local economic development organizations, COACT connected with the president of this company as part of their local retention strategy.   We facilitated introductions with key leaders of the RGP and Fulton County EDC to discuss their plans for significant capital equipment upgrades.   This company had been a vital member of Fulton County for over 100 years.

“Essentially, what COACT has brought to the table for the Fulton County EDC is the enhancement of our ability to reach out to the business community throughout the county in order to have a consistent conversation with business folks that surround their planning process regarding expansion efforts, investments, and hiring new employees.”

– Matt Gilroy, Executive Director, Fulton County Economic Development Corporation

Results

The RGP and Fulton County EDC collaborated together to find available low interest funding.  In the end, the company received a long-term loan of $500,000 to help with their nearly $2,000,000 capital projects.

They were able to renovate their facilities and install new systems at all of their different company locations to increase production capacity by more than 20%.  Through the support they received from their community and their region, they anticipate further growth and will be hiring new staff at multiple facilities over the next few years.

Moreover, word spread throughout the community about this opportunity, and other companies in the same industry have reached out to RGP and Fulton County EDC for their retention and growth plans. The future projects that could take shape from businesses in this industry within Fulton County due to this outreach effort could exceed $10 million in capital expenditures, as well as add many more jobs to the local economy.

“By partnering with COACT, we are able to reach out to more companies and build relationships with local companies in northwest Ohio.  It if it was just up to me to call all of the companies in the region we serve, we wouldn’t be able to get it done.  By working with COACT, we are able to build better relationships and have more discussions about opportunities and job creation in northwest Ohio.”

– Gary Thompson, Executive Vice President & Chief Operating Officer, Regional Growth Partnership