Areas Served: City of Cuyahoga Falls
The City of Cuyahoga Falls, Ohio has budgeted funds annually to be available to industrial/commercial users for personal or real property improvements and for working capital costs in the form of low interest business loans.
The industrial/commercial user must be located in an employment zone and create one (1) job for every $35,000.00 borrowed.
The CDBG Entitlement Administrator must be able to qualify the project as a low/moderate job creation activity as established by the US Dept.
of Housing and Urban Development.
A low interest loan is defined to be a maximum of 30% of the funds available for the project.
The loan will be amortized over a period of at least eight (8) years but not more than fifteen (15) years and have an interest rate of prime rate minus 1% but not less than 3%.
The maximum amount loaned to any one-property owner in one calendar year will be $140,000 unless excess funds are remaining after the program period and the minimum loan amount is $35,000.
Contact InformationCity of Cuyahoga Falls, Ohio
Address: 2310 Second Street
City: Cuyahoga Falls
State: Ohio
Website:
http://cfo.cityofcf.com/web/development/cdbg-program/economic-development-loan-program
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