Areas Served: City of Norwalk
Norwalk Economic Development Corporation offers three loan programs for businesses in Norwalk, Ohio CITY OF NORWALK REVOLVING LOAN FUND The City’s RLF program is designed to provide gap financing for expanding companies that plan to create jobs, particularly for low to moderate income households.
Up to 50% of the eligible fixed asset costs can be funded through this low-interest loan.
The loan can help companies acquire real estate, construct or renovate buildings, and purchase machinery and equipment.
GrowNOW PROGRAM The GrowNOW Program is a simple program that lowers the interest rate on loans by 3% for small businesses that are creating jobs or keeping jobs in Ohio (two local companies that fit the criteria recently participated in this program).
How the Program Works: If approved, the state treasurer’s office deposits funds in the lending bank.
The bank then lowers the interest rate up to 3% for a two year term.
After the two years, the company may reapply for a second two year term.
The Grow Now program is tied directly to job retention or creation.
This program has a ceiling of $400,000. SMALL BUSINESS LOAN PROGRAMS There are three area programs that small businesses can utilize if they are looking to borrow less than $50,000 through an area community action group and Erie Basin which have varying terms and requirements.
Contact InformationNorwalk Economic Development Corporation
Address: 10 1/2 West Main Street
City: Norwalk
State: Ohio
Website:
http://www.norwalkohio.biz/resources/financing.html
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