Cuyahoga County Executive Armond Budish Announces Additional Economic Development Loan for Expansion and Retention of Solon Company

Posted on

Jeane’ Holley: (216) 698-2544, (216) 640-0821 or 

Cleveland, Ohio – Cuyahoga County Executive Armond Budish has submitted a proposal to Cuyahoga County Council for an additional economic development loan in the amount of $739,678 for the expansion and retention of Kanan Enterprises Inc., the holding company for the King Nut Company. The loan will assist with purchasing of additional equipment to expand the Kanan Enterprises operation at their manufacturing plant in Solon, Ohio.

“Cuyahoga County is committed to retaining and growing our local businesses,” said Cuyahoga County Executive Armond Budish. “We’re all about jobs! The additional funding that Cuyahoga County is requesting for Kanan will allow them to add 22 new manufacturing jobs. Knowing that we are a part of the collaborative effort to ensure that we can keep and grow a home-grown business right here in Cuyahoga County is gratifying.”

In January 2016, Cuyahoga County Council approved an initial loan in the amount of $1,077,092.

This additional loan will create 22 new manufacturing jobs over the next three years, bringing the total jobs created by both loans to 52 new manufacturing jobs. Kanan Enterprises Inc., has committed to retaining 285 manufacturing jobs and keeping the business from relocating out of Cuyahoga County.

“Receiving the loan from Cuyahoga County allows us to buy new equipment to meet the demands of new business and hire 22 new people in Cuyahoga County to produce our product,” said Mike Kanan, Chairman, Kanan Enterprises Inc. “King Nut has grown from 25 employees to approximately 290 in the last 25 years. Without this loan we would not be able to meet customer needs. ”

Cuyahoga County’s Job Creation Fund is structured as a self-sustaining revolving loan fund that provides gap financing to job creating and job retaining projects in the county, while contributing to economic growth.