Loan Programs
Resilience RLF
The Resilience Revolving Loan Fund ( Resilience RLF) is designed to support economic development by providing financial assistance for projects that create jobs. To be eligible for the Resilience RLF, applicants must complete the Application for Assistance and ensure their project is located in a Qualified Census Tract (QCT). A QCT is a designated area where at least 50% of households have incomes below 60% of the Area Median Gross Income, or a poverty rate of at least 25%. This program focuses on fostering job creation and economic growth in underserved communities, helping to build resilience and opportunity.
SBA 504
The U.S. Small Business Administration 504 Loan (SBA 504) provides long-term, fixed-rate financing for fixed assets such as real estate purchases, construction/improvements, and non-rolling stock equipment. The program will support most for-profit businesses that demonstrate the project will create and/or retain jobs. This program can also finance start-ups and incorporate refinancing. Benefits include:
- Maximum loan of $5 million or up to $5.5 million for manufacturers
- Terms of either 10, 20, or 25 years
- Current fixed interest rate of less than 6.5% (this will fluctuate and should be determined in real-time)
Ohio 166
The Ohio Regional 166 Loan (Ohio 166) provides low, fixed-rate financing for fixed assets such as real estate purchases, construction/improvements, and non-rolling stock equipment. The program primarily supports projects for for-profit manufacturing, distribution, and wholesaling businesses. A typical transaction consists of 50% bank financing, 40% Ohio 166 Loan, and 10% owner's equity. Benefits include:
- Maximum loan of $1 million
- Loan terms to not exceed 20 years
- Current fixed interest rate of less than 4.0% (this will fluctuate and should be determined in real-time)