Ohio Treasury Issues $7.635 Million in Bonds to Shearer’s Food Inc.
Funds will create 105 new jobs and retain 602 at-risk jobs at the project site

 
Columbus – Ohio Treasurer Kevin L. Boyce announced that the Treasury successfully issued $7.635 million in federal stimulus bonds for Shearer’s Foods, Inc., helping create at least 105 jobs over three years, while saving the jobs of another 602 Ohio workers employed by the Canton-based company.

 
The federal, tax-exempt bonds -- issued through and utilized by the Ohio Enterprise Bond Fund (OEBF) -- will allow Shearer’s Foods to acquire land and construct a 46,500 sq. ft. production plant, which will be located in Massillon.  Within the project, Shearer’s Foods will be committed to acquire and install a total of three production lines over the next three years.

 
“One of our priorities at the Ohio Treasury is to help support Ohio companies,” said Treasurer Boyce.  “We’re pleased to use these federal stimulus funds to help StarkCounty create and retain jobs during this difficult economic environment.”

 
Shearer's Foods was founded in 1974 and is based in Brewster, Ohio. The company manufactures and distributes snack food products, including various private label products for customers throughout the retail snack food industry. Its products are distributed throughout the Midwest, New England states, and parts of Canada.

 
The bond was issued under the Recovery Zone Facility Bonds program, which was created through the American Recovery and Reinvestment Act of 2009 .  Under the Recovery Zone Facilities Bond program private businesses or individuals are eligible to receive tax-exempt bonds to finance the purchase depreciated business property within a Recovery Zone.  These zones are defined as areas that have significant poverty, unemployment, home foreclosures, or general distress; or an area that has already been federally designated as an Empowerment zone or Renewal Community.
 
 
Developed in 1988 by Ohio Department of Development in conjunction with the Ohio Treasury, OEBF provides a source of low-cost borrowing for qualified Ohio businesses.  These funds will help retain and create jobs, promote economic development and financial security throughout the state.   To date, the Ohio Treasury has issued $507,775,000 in bonds to support 101 individual OEBF projects across 38 counties. 

 
The mission of the Ohio Treasury is to protect and invest state funds while providing innovative financial education and resources, empowering Ohioans to make smart money choices.

 
MEDIA CONTACT:   Níel M. Jurist / 614.466.5341