4319 Belmont Ave., Youngstown, OH 44505 | 330.759.3668
If you want to know more about our Loan Programs, please download our Loan Programs Summaries & FAQs, or contact us by phone (330) 759-3668 or email.
| Revolving Loan Funds | "166" Small Projects Fund | SBA 504 Loan Program | USDA/AG-IRP | |
|---|---|---|---|---|
| If you want to know more about our Loan Programs, visit our Questions and Answers page, or send us an email request, or contact us by phone at 330.759.3668. | ||||
| Eligible Businesses | Industrial, commercial, service, distribution | Primarily manufacturing, wholesale, industrial, distribution | Service, commercial, retail, industrial, distribution | Industrial, commercial, service |
| Maximum Loan | Up to 45 percent of project cost Up to $150,000 |
Up to 45 percent of project cost Up to $350,000 |
Up to 40% of project cost Up to $1 million |
Up to 40% of project cost Up to $150,000 |
| Interest Rate | Based on prime rate Fixed |
Fixed at 2/3 of prime rate, but no less than 4 percent | Based on treasury rates Fixed | Based on prime rate Fixed |
| Loan Term | Up to 10 years for equipment Up to 15 years for real estate |
Up to 10 years for equipment Up to 12 years for real estate |
10 years for equipment 20 years for real estate | Up to 3 years - working capital useful life = 5-20 years on equipment, real estate |
| Collateral Required | Second mortgage or lien Personal guarantees |
Shared first with bank Personal guarantees | Second mortgage or lien Personal guarantees | First of shared first with bank Personal guarantees |
| Job Creation Requirements | Typically one job for each $15,000 of RLF funds |
One job for each $35,000 of "166" funds | One job for each $35,000 of SBA 504 funds | One job for each $25,000 of AG funds |
| Other Factors | Must be located or locating in Mahoning or Trumbull counties or specific localities. |
Prevailing wage and interim financing may be required. | Interim financing by participating bank may be required. | Rural areas of Mahoning, Trumbull & Columbiana Counties |
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