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Van Wert 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 Van Wert.

Eligible Businesses

Must be a new or existing private for-profit entity and reside in the City of Van Wert

Eligible Use of Funds

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

Loan Amounts

Up to 50% of the total project cost. Limited by amount available in the Van Wert County 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. There must be 15% private investment and 5% equity in project.

Time for approval is four to eight weeks depending on how quickly infor mation 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

http://www.vanwertcounty-edg.com/resources/loan-information/

Van Wert Development Group
515 E. Main Street

Van Wert, Ohio 45891
419-238-2999
dmyers@ag.osu.edu

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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