One Southern Indiana says it has completed its 100th economic development project. New Albany-based PTG Silicones Inc. has announced plans to invest nearly $2 million into an expansion and hire a small number of new workers.
February 21, 2014
New Albany, Ind. — One Southern Indiana (1si) has reached a significant milestone in its economic development program and announced today the completion of its 100th successful project. PTG Silicones Inc. (PTG) utilized the services of 1si's business retention and expansion program to assist with its most recent expansion project.
PTG, located at 827 Progress Boulevard in New Albany, Ind., began operations in 2007 and was the first recipient of a Horseshoe Foundation of Floyd County (HFFC) small business revolving loan in 2009. In 2013, PTG received a revolving loan of $49,000 to finance new equipment in order to expand its operations. PTG is a manufacturer of liquid silicone rubber components for the healthcare, automotive and appliance industries. In addition to the loan, the Indiana Economic Development Corporation (IEDC) provided a training assistance grant of up to $15,000 from the Skills Enhancement Fund (SEF) to facilitate job skills training for PTG. The total capital investment of this project will be approximately $1,922,200 and will create 5 net new full time positions by 2016. The City of New Albany also provided 10-year abatement on real property and 5- year abatement on personal property in support of the project.
1si played an essential role in this latest project as they facilitated and coordinated with PTG through each step of the process. The business retention and expansion program at 1si is dedicated to assisting existing businesses and guides them to resources such as local tax abatements, state-funded employee training, real estate and site selection assistance, workforce solutions and recruitment, specialized business growth resources and expertise, and business park infrastructure.
“This latest announcement is a testament to the work we do for our existing businesses,” said Wendy Dant Chesser, President and CEO of 1si. “Most of a community's job growth and capital investment comes from companies already located here and we are delighted that we were able to provide the expertise and services to PTG to help them grow and remain competitive.”
Since July 2006, 1si has worked with businesses to secure $737,767,148 in new taxable capital and commitments to add 9,484 new jobs with a payroll of $332,418,522 annually in Southern Indiana. In addition, 1si provides their economic development investors with a return on investment of $172.56 in new capital for each $1 invested into the program. 1si's economic development efforts are privately funded and do not receive a dedicated funding stream from any public source, state or local. This is contrary to the traditional business model for Local Economic Development Organizations, as most are underwritten by public funds. 1si is the exception and relies solely on donations or investment from the private-sector and on discretionary funding from local governmental units.
“The success of 1si is measured by the growth in the area's job and tax base that has resulted from not only site attraction but also the business retention and expansion projects undertaken by the economic development team here,” said Dale Gettelfinger, 1si's Board of Directors Chair. “We are excited to celebrate the expansion of an existing business in our community and are proud that PTG is the100th economic development project for our organization.”
“It is with great pride that we celebrate our 100th economic development project,” said Dana Huber, Chair of 1si's Economic Development Council. “These projects represent nearly 9,500 employment opportunities for residents of our community and add over $330 million of new payroll dollars into our regional economy. That injection of new dollars means new opportunities for all of us. We are really celebrating the fact that businesses chose Southern Indiana 100 times to locate or grow their business. We look forward to the next 100 projects.”
About One Southern Indiana
One Southern Indiana (1si) was formed in July of 2006 as the Chamber of Commerce and Economic Development organization serving Clark and Floyd Counties. 1si's mission is to provide the connections, resources and services that help businesses innovate and thrive in the southern Indiana/Louisville metro area.
Since its inception, the organization has evolved to include a three-prong approach to serve its members and investors. Business Resources, as the chamber side of the organization, encompasses membership, signature events and programs which support and encourage business growth; Economic Development works to grow the regional economy through the attraction of new commerce and assists with retention and expansion of existing businesses; Advocacy supports businesses at the government level by engaging in initiatives to preserve, protect and promote a business friendly environment free of obstacles to growth and development of commerce. http://www.1si.org
Source: One Southern Indiana