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Mercer County Revolving Loan Fund

Financial Resources For Northwest & West Central Ohio Entrepreneurs

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Purpose of Program

Expand job opportunities and promote economic development in Mercer County.

Eligible Businesses

Must be a new or existing private for-profit entity and reside in Mercer 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 Mercer 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

Currently the rate is 3.5%.

Fees

Prepayment

Collateral, Security

 

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 Mercer County Community Development.

Links to Loan Application and/or Specific Information

http://www.mercercountyed.com/

Mercer County Community Development
101 North Main Street
Celina
, Ohio 45801
419-586-4209
opportunity@mercercountyconnect.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

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