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Allen County Revolving Loan Fund

Financial Resources For Northwest & West Central Ohio Entrepreneurs

About
Contact

Purpose of Program

Expand job opportunities and promote economic development in Allen County.

Eligible Businesses

Must be a new or existing private for-profit entity and reside in Allen County.

Eligible Use of Funds

Fixed assets acquisition and/or improvement of land, building, equipment. Can provide loans for working capital but limited to percentage of revolving loan fund annual income. Cannot be used to refinance existing debt or purchase non-capital equipment, inventory, rolling stock, seed money for an activity, operational costs, or training. Cannot be used for a project that involves relocation of a business from one market area to another. Cannot be used in the financing of speculative projects (e.g. spec building or land banking).

Loan Amounts

Limited by amount available in the Allen County revolving fund and number of jobs created. The loan amount per job must not exceed $25,000 per job. The loan amount cannot exceed 50% of the project.

Repayment Term

Terms are flexible and based on the useful life of assets purchased and borrower cash flows.

Interest Rates

Interest rates are established by the Allen County Commissioners. Currently the rate is 4.5%.

Fees

Administrator shall have the right to charge and collect from the borrower an application fee and loan preparation fees to recover administrative costs associated with the loan.

Prepayment

Collateral, Security

Business owner and borrower guarantees are required. Business assets may be required to be pledged as security. A mortgage will be established for real estate acquisitions and improvements.

Owners must invest at least 5% in cash equity, and at least 15% of the project fixed asset costs must be privately financed.

Assignment

Participation Requirements

Additional Considerations

Prevailing Wage rates will apply to any costs associated with the installation of such machinery and equipment, including any construction or retrofitting of a facility specified as part of the Project. The Ohio Department of Commerce’s Wage and Hour Bureau determine rates and payment of prevailing wages.

At least 51% of jobs created or retained must be taken by or made available to low to moderate income households.

No portion of the project can move forward prior to receiving an environmental release from the Ohio Office of Housing and Community Partnerships (OHCP) on the entire project.

Program Funding Source

This program is funded from the proceeds of grants received from the U.S. Department of Housing & Urban Development and the Ohio Department of Development. Compliance with applicable federal and state program rules and regulations is required.

How to Apply

Contact the Allen Economic Development Group.

Links to Loan Application and/or Specific Information

Allen Economic Development Group
144 South Main Street, Suite 200

Lima, Ohio 45801
419-222-7706
wagnerm@aedg.org

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Useful Information

Interest Rate Links

Business Management Links

Glossary of Important Financial Terms You Should Understand

How To Prepare A Business Plan to Obtain Money

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