Areas Served: City of Springfield
Project Location: Within corporate limits or location property of City of Springfield, Ohio.
Eligibility: Priority to firms offering growth potential, permanent positions, minority or female owned firms, new business ventures, or technologies Use of Loan Proceeds: Can be used for start-up costs, fixed assets (machinery, equipment, acquisitions, working capital, consolidation for sound business reasons and collateral position).
Provisions of Davis-Bacon Act affect any project involving construction.
Ineligible Project Costs/Activities: Interim financing, borrower s contribution, speculative land banking investment property and non-profits or demonstrated inability to repay, debt consolidation or repayment.
Competition with or replacement of financial capability of local lending institutions.
Projects that can t create/retain jobs are prohibited.
Loan Amount: – Minimum Loan – $3,330 RLF loan – Maximum Loan – $150,000 RLF loan Participation: – Borrower injection 10% – Conventional or other funds 56 2/3% RLF 33 1/3% Jobs Creation: One job must be created per $15,000 of RLF funds as a portfolio standard.
Term of Loan: The term is determined by the SBDC, Inc. Board and is appropriate to the life of the collateral.
Generally 3-7 years.
Interest Rate: The minimum interest rate is four percent.
Rates are determined by market conditions, loan term, and collateral.
Interest rates are fixed; rates may escalate if the job commitments have not been met.
Contact InformationCity of Springfield, Ohio
Address: 76 E High Street
City: Springfield
State: Ohio
Website:
http://www.ci.springfield.oh.us/Bus/incentive.htm
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