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St. Marys Revolving Loan Fund

Financial Resources For Northwest & West Central Ohio Entrepreneurs

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Contact

Purpose of Program

Expand job opportunities and promote economic development in the City of St. Marys.

Eligible Businesses

Must be a new or existing private for-profit entity and reside in the City of St. Marys. The project must show need in at least one of two ways; (1) a bank considers the project too risky for full funding and needs additioanl participation, (2) cash flow shows a need for lower interest funding as part of the project  to make the project work. 

Eligible Use of Funds

Machinery and/or equipment, building acquisition, new construction, remodeling, inventory and working capital.

Loan Amounts

Up to 40% of the total project cost. Limited by amount available in the City of St. Marys Revolving Loan Fund and number of jobs created. The loan amount per job must not exceed $25,000 per job.

Repayment Term

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

Interest Rates

Interest rate is fixed—below market.

Fees

Loan application fee of $50. Closing costs of $50.

Prepayment

Collateral, Security

Adequate new or existing collateral as loan security

Assignment

Participation Requirements

Additional Considerations

Requires financial participation by at least one private lender.

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 City Development Manager.

Links to Loan Application and/or Specific Information

http://www.cityofstmarys.net/financing_incentives.htm

City of St. Marys Ohio
101 E. Spring Street
St. Mary's
, Ohio 45885
419-394-3303
stmarys@cityofstmarys.net

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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