The state made good on its promise of a massive grant that helped lure EFACEC to Effingham County.
Gov. Sonny Perdue and members of the OneGeorgia Authority Board met Thursday at the College of Coastal Georgia in Brunswick and approved grants and loans from the OneGeorgia Authority’s portfolio of financing programs. Included in the package was a $2.95 million EDGE grant to the Effingham County Industrial Development Authority for EFACEC, the Portuguese maker of electrical transformers.
“We’re pleased the state realizes the need for an investment in an opportunity like this and in a company like this,” said Effingham IDA CEO John Henry. “We’re glad to see it come through.”
The grant was approved to help with site development costs on the 55-acre tract where EFACEC is building its first U.S. manufacturing facility. The company expects to have more than 280 workers employed within the next two years and at full capacity, it will employ more than 670 people by 2017.
EFACEC’s original investment in its Rincon plant also has swelled from the original $100 million planned when it announced it was coming to the Effingham Industrial Park. The company has issued bonds totaling $170 million.
The purpose of the EDGE fund is to provide financial assistance to eligible applicants being considered as a relocation or expansion site and that are competing with another state for location of a project. EDGE funds also are used when the health, welfare, safety and economic security of Georgia citizens are promoted through the development and/or retention of employment opportunities.
The state announced $16.2 million in OneGeorgia awards Wednesday. These awards will assist with a variety of economic development projects in rural Georgia aimed at creating jobs, stimulating new private investment, supporting the retention of existing jobs and enhancing regional competitiveness through capacity-building projects.
The seven EDGE awards, totaling $14 million, are leveraged against approximately $712 million in total project costs and are projected to create over 2,243 jobs within the next three years.
