Areas Served: Cuyahoga County
The Economic Development Loan Fund provides Cuyahoga County, Ohio businesses with financial assistance to support the retention and creation of jobs for County residents.
The fund provides long term, fixed-rate financing at interest rates lower than conventional financing.
Interest rate is typically four and a quarter percent (4.25%).
The fund is intended to fill a financing gap beyond the amount of private participation and equity investment that can be raised.
Loans generally range from a minimum of $35,000 to a maximum of $350,000, up to forty percent (40.00%) of total project coSt. Loan terms are up to seven (7) years on equipment and up to fifteen (15) years on land and building.
Loans can be used to finance the acquisition of land, buildings, machinery and equipment as well as for new construction, renovation, expansion and/or conversion of facilities.
Loans cannot be used to refinance debt, purchase inventory, pay other non-capital costs or on speculative projects.
The County will take a subordinated collateral position provided there is adequate collateral available as security, up to a ninety percent (90.00%) loan to value ratio.
Contact InformationCuyahoga County Department of Development
Address: 1701 East 12 Street, 1st Floor
City: Cleveland
State: Ohio
Website:
http://development.cuyahogacounty.us/en-US/economic-development-loan-fund.aspx
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