- Loan Programs
- Success Stories
Poland—Kathleen Prasad has expanded capacity at her Hampton Woods Nursing Center, with the addition of an Assisted Living facility. The 52 unit facility was constructed adjacent to the current building and is connected via a walkway. The Assisted Living Center serves individuals who may need assistance with medication and personal care activities, but not the round-the-clock care a nursing facility provides. Construction of the new facility was made possible by Huntington Bank and an SBA 504 loan through MVEDC. Prasad is joined in the business by her son, Frank Antalocy, [...]Learn More >>
Warren—First Place Bank and an SBA 504 Loan have made it possible for Warren Screw Machine to move into a new facility. Now located in the former Berk Enterprise Building at 3869 Niles Road in Warren, Warren Screw Machine was founded in 1950. For its first thirty-four years, the business offered secondary and general machine shop work. In 1984 the company purchased its first CNC equipment, expanding its ability to turn high tolerance parts. Owner John Condoleon has been with the company since 1989, working his way up through the [...]Learn More >>
Chardon—Black Lab Corporation purchased a building across from its existing Chardon manufacturing facility for the purpose of expansion. Black Lab is a toll blender, custom formulator and maker of epoxy flooring blends, polymer concretes and other dry granular blend services. In addition, the company manufactures Prevent Dust Suppressant and the All Kleer product line. The new building will allow for an expansion of product offerings and houses the new corporate offices. Black Lab Corporation is owned by Peter Hoyt and Doug Gerner; Hoyt also serves as President. The building purchase [...]Learn More >>
MVEDC provides financing under three key programs:
Most small businesses; however, applicants are reviewed on an individual basis.
Acquisition of equipment and real estate; renovation of existing buildings; working capital requirements.
A project must create and/or retain employment positions.
No. MVEDC works in conjunction with private lenders. Typically, a private lender will lend up to 50 percent of the total project cost.
Yes. The small business is generally required to provide at least 10 percent equity, and up to 20 percent for start-ups.
Depending on the financing program, MVEDC can lend up to $5.5 million.
Financing approval takes between 30 to 45 days depending on availability of applicant information and lender commitment.
Depending on the financing program, disbursement usually occurs within 60 days of approval. SBA 504 and "166" programs require interim financing by participating lender.
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