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Van Wert Microenterprise Loan Fund

Financial Resources For Northwest & West Central Ohio Entrepreneurs


Purpose of Program

Expand job opportunities and promote economic development in the villages and outlying areas of Van Wert County.

Eligible Businesses

Must be a new or existing private for-profit entity and reside within Van Wert County but outside City of Van Wert. Special attention will be given to encourage the startup of a new business that fills service, retail or construction gaps within the village economies. A new-business entrepreneur must be LMI (low to moderate income) to apply.

Eligible Use of Funds

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

Loan Amounts

Up to 100% of the total project cost. Limited by amount available in the loan fund and the 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 fixedóbelow market.


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


Collateral, Security

Adequate new or existing collateral as loan security

Additional Considerations

Requires financial participation by at least one private lender. There must be 15% private investment and 5% equity in project.

Time for approval is four to eight weeks depending on how quickly information is received from borrower.

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 Van Wert Economic Development Group.

Links to Loan Application and/or Specific Information

Van Wert Development Group
515 E. Main Street

Van Wert, Ohio 45891

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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