The U.S. Department of Commerce’s Economic Development Administration (EDA) announced on February 18, 2021, the award of a $2.4 million CARES Act Recovery Assistance Grant to the Toledo-Lucas County Port Authority to create a Revolving Loan Fund for businesses in Northwest Ohio. The EDA grant will be matched with $600,000 in local investment in establishing a $3 million loan fund.
Leveraging its experience in managing various financing programs throughout the state, the Port Authority will create the Revolving Loan Fund for eligible businesses throughout Lucas, Ottawa and Wood Counties in Ohio as a gap financing tool for eligible non-profit and for-profit businesses. The Revolving Loan Fund would help to address a regional weakness in access to capital and support the overall goals of the Comprehensive Economic Development Strategy (CEDS) for the region, as one job will be created or retained for every $50,000 distributed. Benefits of the program include:
- Loan amounts between $10,000 and $300,000
- Targeted fixed interest rates: 4% OR 75% of the prime rate
- A term of five to 10 years for equipment loans; A term of 10 to 20 years for owner-occupied commercial real estate loans
Click here to download the Revolving Loan Fund Program Application.
For more information, please contact Craig Teamer at 419.243.8251.