As part of the Treasurer’s linked deposit loan program, the Commissioners passed a resolution allowing for an interest-rate reduction on a $2 million dollar loan to Xunlight Corporation.
“Our linked deposit program is designed to create jobs. This one business alone will create almost 800 jobs in the next five years. This is a public-private partnership that works,” said Lucas County Treasurer Wade Kapszukiewicz.
Kapszukiewicz said that 12 other local businesses have taken advantage of the linked deposit program, but none will have the transformative impact of Xunlight to Lucas County ’s economy.
“Green-collar jobs are the wave of the future. We have a chance to offer manufacturing wages in the technology field with Xunlight’s innovations,” said Commissioner Tina Skeldon Wozniak.
Xunlight Corporation, co-founded by Dr. Xunming Deng, is a 21st century technology company producing a revolutionary thin-film solar power product in Lucas County . It is an outgrowth of the University of Toledo ’s technology incubator program, where Dr. Deng serves as Professor of Physics.
“Some have said that it’s easy to grow a technology business in Silicon Valley or the Research Triangle. I think it’s just as easy to grow a technology business right here in Toledo,” said Dr. Deng.
“We have a real chance to become the Silicon Valley of alternative energy,” said Commissioner Ben Konop. “Xunlight will be at the front of that charge.”
Under the linked deposit program, Lucas County will assist Xunlight Corporation to secure a private bank loan up to $2 million dollars and provide an interest-rate on that loan below the market rate – a 3% rate reduction.
“Over 100 years ago, Ohio native Thomas Edison harnessed impressive technology to light the whole world. Today, Xunlight is leading the charge, harnessing great light to power the whole world. I’m proud to help make that happen,” said Commissioner Pete Gerken.
For more information about Xunlight, visit www.xunlight.com