Loan could be start of new business
A $400,000 loan that could go toward bringing a manufacturer to the Haverhill area got the OK from the Lawrence County Commissioners.
FWD Energy and Recyclables of Ohio LLC has been approved for the loan coming from Community Development Block Grants. This is a subsidiary of Forward Energy Inc.
“(The company) will convert over 2 million scrap tires generated each year in Ohio into renewable energy, crude oil and industrial ingredients,” according to Cindy Anderson of the Ironton-Lawrence County Community Action Organization. “FERO uses Ohio developed industrial scale microwave technology to convert shredded scrap tires into these valuable energy and commodity products.”
The money will be used as a revolving loan, meaning as FERO repays it the money will be used for other businesses.
“We do a lot of things to try to attract business,” Dr. Bill Dingus, executive director of the Lawrence Economic Development Corporation, said. “The loan is approved and the money would be there when they are ready to move forward. This plant is still being put together.”
A vacant building on the campus of Dow Chemical will be the site of the operation. The loan will cover the purchase of four pieces of equipment.
However, all equipment will be used as collateral for the loan.
The parent company anticipates hiring at least 18 employees when operation begins.