StemenCapital.com

MONEY SOURCES

Angel Investors

Commercial Banks

Community Loans

Credit Cards

Credit Unions/Cooperatives

Factoring Companies

Federal Loans/Grants

Finance Companies

Internet Capital Sources

Leasing Companies

Private Lenders/Investors

Trade Credit

Venture Capital

State Loans/Grants

Government & Community Assistance to Obtain Money

City of Bowling Green Revolving Loan Fund

Financial Resources For Northwest & West Central Ohio Entrepreneurs

About
Contact

Purpose of Program

Expand job opportunities and promote economic development in Bowling Green.

Eligible Businesses

Applicants may be manufacturing, commercial, service, or retail businesses locating within the City of Bowling Green.

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 Bowling Green revolving fund and number of jobs created. The loan amount per job must not exceed $20,000 per job. The loan amount cannot exceed 50% of the project.

Repayment Term

Loans are made for a fixed term for three to five years.Terms are flexible and based on the useful life of assets purchased and borrower cash flows.

Interest Rates

The interest rate is determined at 2/3 of prime as listed in the Wall Street Journal on the day of closing.

Fees

Fees include a $100.00 application fee, plus closing costs which are payable on the day of closing.

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.

Businesses cannot relocate outside of the Bowling Green's city limits during the term of the loan.

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 Bowling Green Community Development Foundation

Links to Loan Application and/or Specific Information

Bowling Green Community Development Foundation

121 East Wooster

Bowling Green, Ohio 43402
419-353-3591

bgcdf@bowlinggreen-oh.com

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

Home
About Contact Home