How Can We Help You?
If you would like to apply for a loan for your business, here's what you need to do: Talk to one of our participating banks and then contact MVEDC. The information that we will need to see to evaluate your loan application may vary, but will typically include:- Financial Statements for the past 3 years
- Financial Projections for the next 3 years
- A current Personal Financial Statement
- Funds required and your intended use of the funds
- Your project description and literature
- Be prepared to tell us about your competition, your method of distribution, your project's strengths and weaknesses, the type of marketing you intend to use, details about your company management and your future plans.
We can also provide a full range of services to our clients, including:
Financial Assistance
- State of Ohio "166" Small Projects Fund
- SBA 7A Loan Guarantee Program
- SBA 504 Loan Program
- Revolving Loan Fund
- Mini-Loan Funds
- Child Day Care Loan Program
- Scroll Down for Loan Program Details
Site Information
We can provide data on zoning, utilities and other important information.
Facilities Inventory
Here you will find data on the available buildings and sites in the area.
Community Data
We will give you a broad range of information about this area,and the advantages of locating a business here.
Grants
MVEDC coordinates many of the local public works grants for the area that are awarded by federal and state agencies.Government Marketing
Valuable assistance with your Government contracting. Contact Steve Danyi at MVEDC or Eastgate Regional Council of Governments at 330.779.3800.
Loan Programs
| Revolving Loan Funds | "166" Small Projects Fund | SBA 504 Loan Program | |
| Eligible Businesses | Industrial, commercial, service, distribution | Primarily manufacturing, wholesale, industrial, distribution | Service, commercial, retail, industrial, distribution |
| 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 |
| 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 |
| 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 |
| Collateral Required | Second mortgage or lien Personal guarantees |
Shared first with bank Personal guarantees | Second mortgage or lien 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 |
| 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. |
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.
