Areas Served: Franklin, Licking, Fairfax, Pickaway, Madison, Union,
ECDI’s primary goal is to assist in the establishment, stabilization, or expansion of microbusinesses in the Ohio counties of Franklin, Licking, Fairfax, Pickaway, Madison, Union, Mahoning, and Delaware by combining business training and technical assistance with necessary capital.
ECDI’s Microenterprise Loan Program provides loans up to $100,000 to new and existing businesses that do not qualify for conventional bank loans due to insufficient credit history, collateral, or business experience.
What is Eligible? ECDI Microloans may be used for business expenses, including: – Purchase of equipment, machinery, supplies, inventory – Start-up operating expenses – Working capital – Other uses may be considered, but may be limited by program policies ECDI Microloans may not be used for real estate acquisition or construction.
About the Loan ECDI administers loans from 13 different sources, each with particular objectives and eligibility criteria.
The annual fixed rate is determined by the source of funds used to capitalize the loan, but ranges from 7.25% to 12%.
Loan terms range from 6-60 months.
Contact InformationEconomic and Community Development Institue
Address: 1655 Old Leonard Ave
City: Columbus
State: Ohio
Website:
http://www.ecdi.org/programs/Microloan/index.html
Leave a Reply