OHIO REGIONAL 166 LOAN
The Ohio Department of Development Regional 166 Loan Program provides a low interest rate financing for fixed assets purchases such as land, building and equipment for manufacturing, distribution and wholesalers throughout Ohio. A typical transaction consists of 50% bank financing; 40% Ohio 166 loan; and 10% owner equity. Benefits Include:
Loans of up to $500,000
A term of five to 15 years
Current fixed interest rate of 3%
SMALL BUSINESS ADMINISTRATION 504 LOAN
The U.S. Small Business Administration 504 Loan provides fixed asset financing to for-profit businesses with a net worth not exceeding $15 million and net after-tax profit of not more than $5 million. A typical transaction consists of 50% bank financing; 40% SBA; and only 10% owner equity injection. The SBA 504 takes a second lien position. This program is available to companies throughout Ohio. Benefits include:
- Maximum loan of $5 million or up to $5.5 million for manufacturers
- Terms of either 10 or 20 years
- Low long-term fixed interest rates
"When the Electro Prime Group LLC needed to purchase a 400,000 square foot facility for expansion, we worked with the Toledo-Lucas County Port Authority to finance our purchase using their SBA 504 loan program."
"Financing our new building with an SBA 504 loan from the Port Authority was a very smooth process that allowed for a smaller down payment and a long-term fixed interest rate, which was not available to us with a conventional loan."
"In industry, we need to move at the speed of business. When MBDS decided to invest in Ohio, the Toledo Port Authority played a critical role in getting us from a decision point, to closing on our newest campus facility within the six week window required. At MBDS, we put in the hours to exceed our customer's expectations and the team at the Port Authority was willing to do the same and be real partners in MBDS's success."
"One of the major benefits that we saw working with the Port Authority and the SBA loan program was the Port Authority really helped us streamline the paperwork and make it a convenient process. For us, that was a huge advantage."
"We had an opportunity that required us to put a building up quickly. The Port Authority secured financing for us in just a couple months. They moved at the speed of business."
"The Toledo-Lucas County Port Authority was much more than a funding partner. They helped pave the way towards achieving my life's dream - to own my own business. The path to an SBA loan can be complex and overwhelming, but the folks at the Toledo-Lucas County Port Authority provided assistance, direction, reminders, and guidance just at the right times. They were also one of my biggest cheerleaders. Throughout the entire process, I truly felt like the Toledo-Lucas County Port Authority folks were working very hard to put this funding together and to make my dreams a reality."
For more information:
Financing Programs Manager