Pike County Commissioners have been awarded a grant from the Community Development Block Grant (CDBG) Economic Development Program to help Geo-Tech Polymers with its expansion to Waverly. Geo-Tech will receive a $460,000 loan from the commissioners to help with the costs of buying and installing equipment at the Waverly plant, which will create 50 new full time jobs.
Geo-Tech is a company that specializes in recycling coated plastics used in consumer and automotive applications, and was recently acquired by Wastren Advantage, Inc. in Piketon.
In addition to the CDBG Loan, Geo-Tech has received a $50,000 grant from the Fluor-B&W Opportunity Fund, a $10,000 grant from the Southern Ohio Agricultural and Community Development Foundation, a $1.2 million loan through the Jobs Ohio program, and a $50,902 Job Creation Tax Credit. The balance of the project is being financed locally by Ohio Valley Bank. The expansion will be complete by the end of March 2013.