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D'Arcy Loan Fund

Financial Resources For Northwest & West Central Ohio Entrepreneurs

About
Contact

Purpose of Program

Provide loans to new and existing businesses in Allen County. Can be used for real estate, equipment, and working capital.

Eligible Businesses

Must reside in Allen County. Primary emphasis is in manufacturing and business-to-business services. Retail and food service businesses are not eligible.

Eligible Use of Funds

Can be used for real estate, equipment, and working capital.

Loan Amounts

Prefer to loan no more than $50,000 per business and will not loan more than participating commercial lenders. Loan amounts are also limited by loanable funds available to D'Arcy.

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 D'Arcy Fund board. Currently the rate is 4.5%.

Fees

D'Arcy has 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.

Assignment

Participation Requirements

Additional Considerations

The number of jobs created or retained are an important consideration in the loan approval process. The loan amount per job should not exceed $25,000 per job.

A private lender must participate in the project.

Program Funding Source

This program is funded from the proceeds of program originally established by the Lima Refinery location of British Petroleum and subsequently transferred to Allen Economic Development Group for administration.

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

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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