Regional Programs
166 Regional Loan Program |
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| Type | Direct loan to business | |
| Eligible Businesses: | Primarily manufacturing and distribution businesses | |
| Use: | Land acquisition and improvements, purchase or remodeling of a building, construction of or addition to a building, purchase machinery or equipment | |
| Maximum: | 40% of project cost up to $200,000; 30% of project cost up to $350,000. | |
| Term: | Same as bank term; maximum term 15 years | |
| Rates | 2-3 of prime, fixed rate | |
| Equity | Minimum 10% equity investment | |
| Job Creation | One job for each $15,000 of 166 financing | |
| Bank Loan | 50% of project cost; fixed or floating rate | |
| Fees | Application fee; up-front processing: 1.5%; annual: .25% servicing fee | |
| Contact: ACEnet Ventures Columbus Rd. Athens, Ohio 45701 740-592-3854 |
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Appalachian Child Day Care Microenterprise Program |
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| Type | Direct loan to business | |
| Eligible Businesses: | Licensed Type A and B family day care providers; licensed day care centers | |
| Use | Working capital; salaries for staff; inventory and supplies; equipment; minor remodeling-upgrading to meet health and safety requirements | |
| Maximum | $25,000 | |
| Term | Maximum term five years; flexible based on need, size of loan, repayment ability | |
| Rates | Prime rate plus 2% at time of approval | |
| Equity | 5% preferred; demonstrated sweat equity | |
| Fees | Application fee, $100; closing fees of 2% of total loan amount; all applicable closing costs | |
| Contact: Enterprise Development Corporation 9030 Hocking Hills Drive The Plains, OH 45780 phone: 740-797-9646 · fax: 740-797-9659 |
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Appalachian Ohio Microloan Program |
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| Type | Direct loan to business | |
| Eligible Businesses: | Retail, commercial, manufacturing, distribution or service | |
| Size Standards | Must have fewer than 500 employees | |
| Use | Purchase of machinery and equipment, furniture and fixtures, inventory and supplies, advertising and promotion materials, remodeling expenses, working capital up to six (6) months | |
| Maximum | Up to $25,000 | |
| Term | May range from six (6) months to six (6) years | |
| Rates | Range from 11% to 12.75% | |
| Equity | Minimum five percent (5%); all loans require enough collateral to completely secure the amount borrowed | |
| Bank Loan | None, this loan program is available to help women, minorities and low-income individuals who cannot get business loans from banks; for loans between $15,000 and $25,000 must have proof of denial from two banks | |
| Fees | Application fee; technical assistance fee: 1% of the loan, up to $100; closing costs | |
| Contact: Enterprise Development Corporation 9030 Hocking Hills Drive The Plains, OH 45780 phone: 740-797-9646 · fax: 740-797-9659 |
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Buckeye Hills-Hocking Valley Regional Development District
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| Type | Direct loan to business | |
| Eligible Businesses: | Retail, commercial, manufacturing, distribution or service | |
| Use | Land acquisition and improvements, purchase or remodeling of a building, construction of or addition to a building, purchase machinery or equipment, working capital, start-up capital | |
| Maximum | 50% of project cost, up to $100,000 | |
| Term | Useful life of machinery and equipment; up to 12 years for real estate | |
| Rates | Half of Prime, minimum 4% | |
| Equity | Minimum 10% equity investment for existing businesses; 20% equity for start-up businesses | |
| Job Creation | One job for each $15,000 of RLF financing | |
| Fees | Loan origination fee ($100); loan processing fee ($250); 1% servicing fee | |
| Contact: Buckeye Hills-Hocking Valley Regional Development District Route 1, PO Box 299D Marietta, OH 45750 phone: 740-374-9436 · fax: 740-374-8038 |
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Buckeye Hills-Hocking Valley Regional Development District FmHA Revolving Loan Fund |
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| Type | Direct loan to business | |
| Eligible Businesses: | Retail, commercial, manufacturing, distribution or service | |
| Use | Land acquisition and improvements, purchase or remodeling of a building, construction of or addition to a building, purchase machinery or equipment, working capital, start-up capital | |
| Maximum | 50% of project cost, up to $162,700 | |
| Term | Useful life of machinery and equipment; up to 12 years for real estate | |
| Rates | Half of Prime, minimum 4% | |
| Equity | Minimum 10% equity investment for existing businesses; 20% equity for start-up businesses | |
| Job Creation | One job for each $15,000 of RLF financing | |
| Bank Loan | ||
| Fees | Loan origination fee ($100); loan processing fee ($250); 1% servicing fee | |
| Contact: Buckeye Hills-Hocking Valley Regional Development District Route 1, PO Box 299D Marietta, OH 45750 phone: 740-374-9436 · fax: 740-374-8038 |
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Appalachian Rural Economic & Community Development Services Revolving Loan Fund |
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| Type | Direct loan to business | |
| Eligible Businesses: | Retail, commercial, manufacturing, distribution or service | |
| Size Standards | Must have 500 or fewer employees | |
| Use | Land acquisition and improvements, purchase or remodeling of a building, construction of or addition to a building, purchase of machinery or equipment, leasehold improvements, inventory, working capital, start-up operational costs | |
| Maximum | 75% of project cost, up to $150,000 | |
| Term | Useful life (up to seven years) when purchasing equipment; up to 15 years when purchasing real estate with loan proceeds | |
| Rates | Prime rate plus 2%, may match lender rate | |
| Equity | Prefer a 5% minimum | |
| Job Creation | ||
| Bank Loan | Participation is initially (25% – 50%) by traditional lender or Non-EDC source; the Revolving Loan Fund is used for gap financing | |
| Fees | Application fee, $100; closing fees, 2% of total loan amount; all applicable closing costs | |
| Contact: Enterprise Development Corporation 9030 Hocking Hills Drive The Plains, OH 45780 phone: 740-797-9646 · fax: 740-797-9659 |
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