J&M Steel is one step closer to receiving funding that it can put towards expansion of its machine fabrication and steel warehousing business.

This Tuesday the local Southern Ohio Agricultural and Community Development Foundation approved the application for expansion at the North Second Street firm.

The next step is for J&M Steel to get the nod from the regional SOACDF board, which will meet on Wednesday.

“It is very likely the application will be approved,” said Viviane Khounlavong Vallance of Lawrence Economic Development Corp. on Friday.

The funding sought would probably cover about 35 percent of the total amount of the expansion. The money comes from the Phillip Morris tobacco settlement.

The project means a local investment of more than $350,000, according to the LEDC.

It will also add 15 full time employees over a three-year period, says Mark Maynard who co-owns the business with his brother, John.

The duo bought the business in December 2006.

The project focuses on the renovation of a 25,000 square foot warehouse and the addition of equipment.

It has the support of the LEDC, CAO and the county commissioners.