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Downtown Lima Development Loan Program

Financial Resources For Northwest & West Central Ohio Entrepreneurs

About
Contact

Purpose of Program

Provide loans for fixed assets, inventory, and operating expenses to new and existing businesses in Lima Central Business District

Eligible Businesses

Must reside in the Lima downtown Central Business District. Priority is given to businesses located in the Design Review District.

Eligible Use of Funds

Fixed assets (e.g. land, buildings, equipment), inventory, and operating expenses.

Loan Amounts

Cannot exceed $50,000. The loan amount per job must not exceed $10,000 per full time job created or retained. The loan amount cannot exceed 90% of the total project cost.

Repayment Term

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

Interest Rates

Interest rates are fixed for the term of the loan and determined on a project to project basis. The rate will not exceed prime rate if prime is greater than 4.5%, otherwise the rate will be no lower than 4.5%.

Fees

A fee os $250 is due upon application submission. Attorney, filing, appraisal, environmental review and closing cost fees are the responsibility of the borrower.

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 $10,000 per job.

Downtown Lima funding is supplied by a USDA Rural Business Enterprise Grant and as such is subject to USDA regulations during the life of the loan.

Program Funding Source

This program is funded from the proceeds of grants received from the U.S. Department of Agriculture. Compliance with applicable federal program rules and regulations is required.

How to Apply

Contact Downtown Lima, Inc.

Links to Loan Application and/or Specific Information

Downtown Lima, Inc.
144 South Main Street, Suite 201

Lima, Ohio 45801
419-222-2686
info@downtownlimaohio.com

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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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