Government and Agency Funding Sources
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Loans For
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| Fund Or Program |
% Of Loan
Participation
|
Land/
Building
|
Equipment
|
Working
Capital
|
Features
(See Legend)
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Largest Loan
|
Interest Rate Charged
(as of 6/99)
|
Comments |
| City of
Cleveland - Small Business Revolving Loan (SBRL) Program |
40%
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B/C/D
|
$500,000
|
75% of Prime
|
Loans available to
any Cleveland business for projects that will retain or create jobs. |
| City of Cleveland - Neighborhood
Development Investment Fund (NDIF) |
25%
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B/C/D
|
$2,000,000
|
4%, Fixed
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Business expansion or retention
projects located in a Cleveland neighborhood that preserve or create at least
100 jobs. |
| Cuyahoga County
- Economic Development Loan Program |
40%
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B/C/D
|
$350,000
|
Below Market, fixed rate loans
|
Businesses
located in Cuyahoga County only. Borrower must provide an equity minimum of
10%. |
| Cuyahoga County - Section 108
Loan |
40%
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B/C/D
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$1,500,000
|
Below Market, fixed rate loans
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Businesses located in
Cuyahoga County only. Borrower must provide an equity minimum of 10%. |
| Small
Business Administration (SBA) 7A Guaranty Program |
N/A
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A
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$2,000,000
|
Negotiate best bank rate
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SBA
guarantees bank loan up to 85%. |
| Small Business
Administration (SBA) 504 Program |
40%
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B/C/D
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$1,000,000
|
Based on current market rate for 5- and 10-year Treasury issues,
plus increment above Treasury rate
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For-profit
businesses that do not exceed $6 million in Tangible Net Worth and did not have
an Average Net Income greater than $2 million for the past two years. |
| State
of Ohio Direct Loan Program (166 Loan) |
30%
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B/D
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$1,000,000
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Below Market, fixed rate loans
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Industrial
projects preferred. Borrower must provide an equity minimum of 10%; bank must
provide a minimum of 25%. |
| State of Ohio
Enterprise Bond Fund |
90%
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B/D
|
$10,000,000 ($1,000,000 Minimum)
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Based on Standard & Poor's A-minus rating
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Long term, fixed rates
for up to 20 years. |
| State
of Ohio Linked Deposit Program |
100%
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B/D
|
$1,000,000
|
3% below current lending rate
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Company
must have Ohio headquarters, no divisions out of state and 150 or fewer
employees. |
| State of Ohio Mini
Loan Program |
N/A
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B/D
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$100,000
|
Maximum of 5.50%
|
Guarantee up to 45%.
Company must have less than 25 employees. Targeted 50% allocation to businesses
owned by minorities and women. |
| State of Ohio
Minority Direct Loan Program |
40%
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B/D
|
$450,000
|
4.5% Fixed
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Company must be at least
51% minority-owned and controlled. |
| State of Ohio 166
Regional Loan Program |
40%
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B/D
|
$350,000
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Maximum of 67% of Prime
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Industrial projects
preferred. Borrower must provide an equity minimum of 10%; bank must provide a
minimum of 25%. |
| State of Ohio
Revolving Loan Fund |
50%
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B/C/D
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Determined locally or by availability
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5% - 7%, Fixed Depending on risk
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For projects which help
develop, rehabilitate or revitalize participating "small city" communities. 5%
cash equity required. |
(A) Will consider less than bankable projects
(B) Requires new job creation or job retainage in special circumstances
(C) Will share with or subordinate to bank loan position
(D) Lower than conventional interest rates
* Information compiled from various public sources; current as of September,
2001. To the best of our knowledge, this information is correct as of that
date.
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