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Industrial Development Revenue Bond
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| Business/Project |
Manufacturing only. Fixed assets only, which includes land, building and fixed equipment. |
| Rate/Terms |
Loan amount range from $750,000 minimum and up to $10,000,000 maximum. Up to 100% of project cost for up to 20 years. Variable and fixed rates, starting at two-thirds of prime rate. Requires Letter of Credit from lending institution. Prevailing wage rates apply. |
| Eligibility |
Manufacturing only. Must create one or more jobs. |
| Apply To |
Portage County Port Authority |
| Contact |
Portage Development Board / Portage County Port Authority, Brad Ehrhart at (330) 297-3470
E-mail: behrhart@portagedevbd.org |
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Fixed-Rate Financing Program (Bond Fund)
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| Business/Project |
The PCPA Bond Reserve Fund offers long-term, fixed-interest-rate financing for qualified industrial, commercial and public projects. |
| Rate/Terms |
Projects from $1 to $6 million; expansion or construction of new facilities in Portage and Summit County and Northeast Ohio. Fixed interest rate based on taxable or tax-exempt bond rate at time of sale. Sales tax exemption for all construction and building materials. The $5 million Bond Reserve Fund has an investment-grade credit rating of BBB+ by Fitch IBCA. |
| Eligibility |
Credit-worthy small and medium companies and non-profit agencies. |
| Apply To |
Development Finance Authority of Summit County |
| Contact |
Portage Development Board / Portage County Port Authority, Brad Ehrhart at (330) 297-3470
E-mail: behrhart@portagedevbd.org
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SBA 504 Loan
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| Business/Project |
Fixed assets only (land, building and fixed equipment) for user with net worth less than $6 million, or after-tax-2-year net profit average under $2 million. |
| Rate/Terms |
$750,000 up to 40% of total project cost, fixed at 1% above treasury bond rates for a similar term may go up to $1 million in rural areas; term of 10 or 20 years. Federal dollars cannot exceed 40% of project cost. |
| Eligibility |
Cash flow must be greater than debt service; appraisal; must create one Ohio job for every $100,000 received. |
| Apply To |
Mahoning Valley Economic Development Corporation |
| Contact |
Portage Development Board, Brad Ehrhart at (330) 297-3470
E-mail: behrhart@portagedevbd.org |
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Ohio 166 Regional Loan Program
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| Business/Project |
Land and building acquisition, expansion or renovation, and equipment purchase; industrial projects preferred. |
| Rate/Terms |
Up to 40% of total eligible fixed cost ($350,000 maximum); rate negotiable for 5 - 15 years; equity minimum 10%, bank minimum 25%. Ohio prevailing wage rate applies. |
| Eligibility |
Must show repayment and management capabilities; must create one job for every $25,000 received. |
| Apply To |
Mahoning Valley Economic Development Corporation |
| Contact |
Portage Development Board, Brad Ehrhart at (330) 297-3470
E-mail: behrhart@portagedevbd.org |
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Community Development Block Grants
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| Business/Project |
Projects must help in the development and revitalization of local communities. Must be fixed assets related to commercial, industrial or infrastructure. |
| Rate/Terms |
$500,000 maximum grant to small city or non-urban county on behalf of a business project. Available to user or developer, at approximately 5% to 7% fixed (based on need); flexible term. |
| Eligibility |
Project must create or retain at least 5 jobs; 51% of all jobs must be for persons from low- and moderate-income households; federal prevailing wage rates may apply; environmental review covering entire project must be performed; 5% equity in fixed assets; minimum 1:1 leverage; maximum $25,000 in request for each full-time job. Infrastructure grants require local participation based on distress levels. |
| Apply To |
Local community if project is located in a city, Neighborhood Development Services if located in township or village. |
| Contact: |
Neighborhood Development Services (330) 297-6400
http://www.ndsohio.org |
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Ohio Enterprise Bond Fund
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| Business/Project |
Land and building acquisition, construction, expansion or renovation, and equipment purchase for commercial or industrial projects between $1 million and $10 million in size. |
| Rate/Terms |
Long-term, fixed rate for up to 16 years; interest rate based on Standard & Poor's A-minus rating, for up to 90% of total project amount. |
| Eligibility |
Must show repayment and management capabilities, and must be able to document job creation or retention; Ohio prevailing wage rate applies. |
| Apply To |
Office of Financial Incentives, Ohio Development Service Agency. |
| Incentives |
Long-term, fixed rate for up to 90% of total project costs; access to national capital markets for unrated companies; may not require third-party credit enhancement. |
| Contact |
Portage Development Board, Brad Ehrhart at (330) 297-3470
E-mail: behrhart@portagedevbd.org |
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Direct Loan (166 Loan)
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| Business/Project |
Land and building acquisition, expansion or renovation, and equipment purchase; industrial projects preferred. |
| Rate/Terms |
Up to 30% of total eligible fixed cost ($1 million maximum, $350,000 minimum), two-thirds of prime fixed rate for 10-15 years; equity minimum 10%, bank minimum 25%. In distressed areas of the State, preferential rates and terms are available. However, the Director of Development may authorize a higher loan amount or modified terms which address a unique and demonstrated economic development need. |
| Eligibility |
Must show repayment and management capabilities; must create one job for every $25,000 received; Ohio prevailing wage rate applies. |
| Apply To |
JobsOhio |
| Contact |
Portage Development Board, Brad Ehrhart at (330) 297-3470 |
| E-mail address: |
behrhart@portagedevbd.org |
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Ohio's GrowNOW
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| Business/Project |
GrowNOW enables small business owners to receive a 3% interest rate reduction on new or existing small business loans for two years with the opportunity for renewal. The program is a partnership between eligible banks and the Ohio Treasury. Small business owners must commit to the creation or retention of at least one full-time job or two part-time jobs in the State of Ohio for every $50,000 borrowed, up to $400,000. GrowNOW broadly serves as a catalyst for Ohio's Economic Development by supporting the small businesses that drive it. |
| Rate/Terms |
3% below current lending rate fixed for 2 years (possible extension); bank may then extend term at current rates. (All other sources of funds allowable). The interest rate reduction will be based on loan's interest rate based on the borrower by the bank. If the rate is above 5%, the interest rate will be 3%. If the rate is 5% or below, the interest rate will be 2.1%. |
| Eligibility |
Must have Ohio headquarters.
Must save or create one full-time job or 2 part-time jobs for every $50,000 borrowed.
Must have less than 150 employees.
Must have a majority of employees be Ohio residents.
Must be organized for profit.
Must maintain offices and operating facilities in Ohio. |
| Apply To |
Review the list of Ohio Treasury's eligible banks.
Apply for a small business loan at an eligible bank and establish an interest rate.
Complete an easy GrowNOW on-line application with your bank.
More information at www.GrowNOW.ohio.gov. |
| Contact |
Treasurer of State 1-800-228-1102, option #3 or
Portage Development Board, Brad Ehrhart at (330) 297-3470
E-mail: behrhart@portagedevbd.org |
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Minority Direct Loan
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| Business/Project |
Purchase or improvement of fixed assets for state-certified minority-owned businesses. |
| Rate/Terms |
Up to 40% of total project cost at 4.5% fixed for up to 10years (maximum). Equity required. |
| Eligibility |
Must show repayment ability, management capabilities; create one job for every $15,000 received; company must be at least 51%minority-owned and controlled. Ohio prevailing wage rates apply for construction. |
| Apply To |
Office of Minority Financial Incentives. Incentives: Rate, term, availability, greater bank security. |
| Contact |
Office of Minority Financial Incentives, ODOD (614) 644-7708 or1-800-848-1300. |
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Minority Business Bonding Program
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| Business/Project |
Surety bonding assistance for state-certified minority businesses. |
| Rate/Terms |
Maximum bond pre-qualification of up to $1,000,000 per Minority Business. The bond premium for each bond issued will not exceed two percent of the face value of the bond. |
| Eligibility |
Must be state-certified minority business who has been denied a bond by two surety companies within its current fiscal year. The project for which bonding is sought must be economically sound and benefit the people of the State by increasing opportunity for employment and by expanding minority business enterprise. The proposed minority business must not have defaulted on a previous bond. |
| Apply To |
Office of Minority Financial Incentives. |
| Contact |
Office of Minority Financial Incentives, ODOD (614) 644-7708 or 1-800-848-1300. |
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Local Revolving Loan Funds
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| Business/Project |
Projects must create or retain jobs; 51% of all jobs must be for persons from low- and moderate-income households; federal prevailing wage rates may apply; and an environmental review covering entire project must be performed. All Community Development Block Grant guidelines must be met, including documentation of all project aspects. |
| Rate/Terms |
Loan ceiling determined locally or by availability. Available to user or developer, typically at 5% to 7% fixed; flexible term. Appropriate use of federal program income funds determines participation level of community. |
| Eligibility |
Projects must create and/or retain jobs and help develop, rehabilitate or revitalize a participating "small city" community. Financing is usually approved for fixed assets related to commercial, industrial or infrastructure. |
| Apply To |
Local community if project is located in a city, Portage Area Development Corporation if located in township or village. |
| Contact |
Neighborhood Development Services (330) 297-6400
http://www.ndsohio.org |
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Portage Development Board
Bradford R. Ehrhart, President
Diana Fierle, Economic Development Specialist
217 S. Chestnut St.
Ravenna, Ohio 44266
Phone: (330) 297-3470 Fax: (330) 297-3472
E-mail: behrhart@portagedevbd.org
E-mail: dfierle@portagedevbd.org
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