March 20, 2020 at 8:11 p.m.
SBA offers emergency loans
Business roundup
Indiana has been designated as an eligible area for Small Business Administration Economic Injury Disaster Loan assistance for COVID-19, Jay County Development Corporation executive director Travis Richards said Thursday.
SBA’s Economic Injury Disaster Loans, also known as working capital loans, are available to small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations
Those eligible must have a credit history acceptable to SBA. And the SBA must determine that the applicant will have the ability to repay the loan.
Loans can be granted at interest rates of 3.75% for small businesses and 2.75% for nonprofit organizations with terms up to 30 years.
Loan funds may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits or for expansion, according to the SBA.
Loans of more than $25,000 require collateral.
Those interested in applying can do so at DisasterLoan.sba.gov.
Online only
The April and May issues of the Jay County Home Guide and the Randolph County Home Guide will be available online only, Graphic Printing Co. president Jack Ronald announced this week.
Changes in public traffic and distribution points due to the coronavirus pandemic prompted the decision to put the print version on hiatus, Ronald said.
Both real estate publications are available at thecr.com for free download.
New plant
Inteva Products has announced plans to invest more than $42 million in a new facility in Bluffton that expected to create 419 jobs by the end of 2023.
The Michigan-based automotive supplier will lease, renovate and equip a 260,000-square-foot facility.
“The city of Bluffton is pleased to have Inteva Products opening a facility in our community and creating new jobs,” Bluffton Mayor John Whicker said in a prepared statement. “Having a global automotive supplier locate to Northeast Indiana is a testament to our region’s commitment to attracting new businesses and creating additional partnerships.”
Inteva employs some 9,000 across 30 locations around the world.
The new Bluffton facility is expected to be operational by summer of 2021.
Leaves chamber
Michael Baer has announced his resignation as executive director of Geneva Chamber of Commerce and Geneva Proud.
The former South Adams High School science teacher, who spearheaded the Dots in Blue Water relief effort for Haiti, said his mother’s health is failing and his responsibilities to his family come first.
He took the chamber job in January 2019.
Stock hit
Investors have punished Motherson Sumi Systems Ltd stock severely for its high exposure to developed markets, LiveMint reported this week. The stock, which has fallen 55% year to date, is among the biggest losers in the automotive field.
“As much as 90% of Motherson’s consolidated revenue accrues from international markets, which has investors worried. About 40% of its sales come from Europe and the UK, where the coronavirus pandemic has already caused significant disruption,” LiveMint said.
Motherson Sumi is the parent company of MSSL Wiring Systems, Portland.
No disconnect
Indiana Michigan Power has announced it is temporarily suspending all disconnections for non-payment.
“We know our customers are concerned about their families and ensuring they have reliable electric service allows them to focus on staying healthy and well. Indiana Michigan Power is committed to doing what we can to help our customers, our employees, and the communities we serve as we navigate this uncertain time,” I&M said in a press release.
If customers in Indiana have concerns or questions, they can reach the I&M Customer Operations Center at (800) 311-4634.
Shutting down
Honda of America announced this week it will shut down its U.S. plants, including one in Indiana, for a week in connection with the coronavirus pandemic.
The automotive manufacturer is a major customer of FCC (Indiana) in Portland.
Complaints
Zoning officials in Ricmond have postponed a decision on a plastic recycling company's planned expansion to investigate complaints that the company is a magnet for gnats, rats and other pests, The Associated Press reported this week.
DAK Americas is seeking the variances to expand its business, which takes used plastic containers and cuts them into flakes that can be turned back into plastic bottles.
But that expansion was put on hold last week after adjacent business owners urged the board of zoning appeals not to approve the variances.
Richmond's city planning staff said that all 10 adjacent property owners they contacted about the company''s zoning variance requests said they oppose DAK Americas’ proposed expansion, The AP said.
Future furnace
Packaging News reported this week that Ardagh Group, parent company of glass container plants in Dunkirk and Winchester, has volunteered to build the first “Furnace of the Future.” It’s going to be the world’s first large-scale hybrid oxy-fuel furnace to run on 80% renewable electricity.
The furnace is to be built in Germany and opened by 2022. The first results are expected in 2023. It will be the result of a collaborative project where 20 glass container producers have worked together to fund a pilot project, Packaging News said.
The technology is intended to replace current fossil-fuel energy sources and cut CO2 emissions by 50%.
“With this new technology we are embarking on the journey to climate-neutral glass packaging, and ensuring the long-term sustainability of manufacturing,” Martin Petersson, chief executive of Ardagh Group, Glass Europe, said in a prepared statement. “We aim to demonstrate the viability of electric melting on a commercial scale, which would revolutionize the consumer glass packaging market.”
Hours cut
Walmart is trimming its hours for the second time in a week due to the coronavirus pandemic.
Beginning Thursday, stores were to be open from 7 a.m. to 8:30 p.m.
From March 24 through April 28, Walmart's 5,000-plus U.S. stores will host an hour-long senior shopping event every Tuesday for customers 60 and older, which will start one hour before stores open, The Associated Press reported.
On March 15, Walmart introduced reduced hours at 24-hour stores across the country, changing the hours to 6 a.m. to 11 p.m. The additional reduction in hours will help associates restock the shelves for customers while continuing to clean and sanitize the store.
The change follows Target and others, who are acknowledging that older adults and those with underlying health conditions are more susceptible to COVID-19.
Walmart told USA TODAY that checking IDs during the weekly senior shopping hour will be at individual stores' discretion.
SBA’s Economic Injury Disaster Loans, also known as working capital loans, are available to small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations
Those eligible must have a credit history acceptable to SBA. And the SBA must determine that the applicant will have the ability to repay the loan.
Loans can be granted at interest rates of 3.75% for small businesses and 2.75% for nonprofit organizations with terms up to 30 years.
Loan funds may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits or for expansion, according to the SBA.
Loans of more than $25,000 require collateral.
Those interested in applying can do so at DisasterLoan.sba.gov.
Online only
The April and May issues of the Jay County Home Guide and the Randolph County Home Guide will be available online only, Graphic Printing Co. president Jack Ronald announced this week.
Changes in public traffic and distribution points due to the coronavirus pandemic prompted the decision to put the print version on hiatus, Ronald said.
Both real estate publications are available at thecr.com for free download.
New plant
Inteva Products has announced plans to invest more than $42 million in a new facility in Bluffton that expected to create 419 jobs by the end of 2023.
The Michigan-based automotive supplier will lease, renovate and equip a 260,000-square-foot facility.
“The city of Bluffton is pleased to have Inteva Products opening a facility in our community and creating new jobs,” Bluffton Mayor John Whicker said in a prepared statement. “Having a global automotive supplier locate to Northeast Indiana is a testament to our region’s commitment to attracting new businesses and creating additional partnerships.”
Inteva employs some 9,000 across 30 locations around the world.
The new Bluffton facility is expected to be operational by summer of 2021.
Leaves chamber
Michael Baer has announced his resignation as executive director of Geneva Chamber of Commerce and Geneva Proud.
The former South Adams High School science teacher, who spearheaded the Dots in Blue Water relief effort for Haiti, said his mother’s health is failing and his responsibilities to his family come first.
He took the chamber job in January 2019.
Stock hit
Investors have punished Motherson Sumi Systems Ltd stock severely for its high exposure to developed markets, LiveMint reported this week. The stock, which has fallen 55% year to date, is among the biggest losers in the automotive field.
“As much as 90% of Motherson’s consolidated revenue accrues from international markets, which has investors worried. About 40% of its sales come from Europe and the UK, where the coronavirus pandemic has already caused significant disruption,” LiveMint said.
Motherson Sumi is the parent company of MSSL Wiring Systems, Portland.
No disconnect
Indiana Michigan Power has announced it is temporarily suspending all disconnections for non-payment.
“We know our customers are concerned about their families and ensuring they have reliable electric service allows them to focus on staying healthy and well. Indiana Michigan Power is committed to doing what we can to help our customers, our employees, and the communities we serve as we navigate this uncertain time,” I&M said in a press release.
If customers in Indiana have concerns or questions, they can reach the I&M Customer Operations Center at (800) 311-4634.
Shutting down
Honda of America announced this week it will shut down its U.S. plants, including one in Indiana, for a week in connection with the coronavirus pandemic.
The automotive manufacturer is a major customer of FCC (Indiana) in Portland.
Complaints
Zoning officials in Ricmond have postponed a decision on a plastic recycling company's planned expansion to investigate complaints that the company is a magnet for gnats, rats and other pests, The Associated Press reported this week.
DAK Americas is seeking the variances to expand its business, which takes used plastic containers and cuts them into flakes that can be turned back into plastic bottles.
But that expansion was put on hold last week after adjacent business owners urged the board of zoning appeals not to approve the variances.
Richmond's city planning staff said that all 10 adjacent property owners they contacted about the company''s zoning variance requests said they oppose DAK Americas’ proposed expansion, The AP said.
Future furnace
Packaging News reported this week that Ardagh Group, parent company of glass container plants in Dunkirk and Winchester, has volunteered to build the first “Furnace of the Future.” It’s going to be the world’s first large-scale hybrid oxy-fuel furnace to run on 80% renewable electricity.
The furnace is to be built in Germany and opened by 2022. The first results are expected in 2023. It will be the result of a collaborative project where 20 glass container producers have worked together to fund a pilot project, Packaging News said.
The technology is intended to replace current fossil-fuel energy sources and cut CO2 emissions by 50%.
“With this new technology we are embarking on the journey to climate-neutral glass packaging, and ensuring the long-term sustainability of manufacturing,” Martin Petersson, chief executive of Ardagh Group, Glass Europe, said in a prepared statement. “We aim to demonstrate the viability of electric melting on a commercial scale, which would revolutionize the consumer glass packaging market.”
Hours cut
Walmart is trimming its hours for the second time in a week due to the coronavirus pandemic.
Beginning Thursday, stores were to be open from 7 a.m. to 8:30 p.m.
From March 24 through April 28, Walmart's 5,000-plus U.S. stores will host an hour-long senior shopping event every Tuesday for customers 60 and older, which will start one hour before stores open, The Associated Press reported.
On March 15, Walmart introduced reduced hours at 24-hour stores across the country, changing the hours to 6 a.m. to 11 p.m. The additional reduction in hours will help associates restock the shelves for customers while continuing to clean and sanitize the store.
The change follows Target and others, who are acknowledging that older adults and those with underlying health conditions are more susceptible to COVID-19.
Walmart told USA TODAY that checking IDs during the weekly senior shopping hour will be at individual stores' discretion.
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