Areas Served: City of Springfield
GOAL: To provide start-up to newly formed small businesses known as micro-enterprises with financial assistance to supplement their working capital in order to ensure success DESCRIPTION: An initial pool of $50,000 has been established to fund this Revolving Loan Program as a pilot program.
The Small Business Development Center, Inc. (SBDC) has full authority and responsibility for the administration of the loan program.
Approval of all loans rests with SBDC, Inc. AMOUNT – Direct loans of $500-$5,000. Loans over $5,000 to be participated with financial institutions on a 1:1 basis TERM Up to 36 months RATE Up to 4% over prime at time of loan closing.
To be fixed for the term of the loan FEE $50 non-refundable application fee LATE CHARGE 5% of loan payment amount not received within eight days of due date Terms of repayment will be reviewed and tailored to the borrower ability.
ELIGIBILITY: – Be located within City limits or on property owned by the City – Be a for-profit business – Be a start-up business – Not have more than 5 employees including owner at time of loan
Contact InformationSmall Business Development Center
Address: 300 Auburn Ave
City: Springfield
State: Ohio
Website:
http://www.smbusdev.org/?s_page=Programs
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