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Cleveland Financing Alternatives

Government and Agency Funding Sources

   

Loans For

       
Fund Or Program

% Of Loan
Participation

Land/
Building

Equipment

Working
Capital

Features
(See Legend)

Largest Loan

Interest Rate Charged
(as of 6/99)

Comments
City of Cleveland - Small Business Revolving Loan (SBRL) Program

40%

 

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%

 

B/C/D

$2,000,000

4%, Fixed

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%

 

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%

 

B/C/D

$1,500,000

Below Market, fixed rate loans

Businesses located in Cuyahoga County only. Borrower must provide an equity minimum of 10%.
Small Business Administration (SBA) 7A Guaranty Program

N/A

A

$2,000,000

Negotiate best bank rate

SBA guarantees bank loan up to 85%.
Small Business Administration (SBA) 504 Program

40%

 

B/C/D

$1,000,000

Based on current market rate for 5- and 10-year Treasury issues, plus increment above Treasury rate

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%

 

B/D

$1,000,000

Below Market, fixed rate loans

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%

 

B/D

$10,000,000 ($1,000,000 Minimum)

Based on Standard & Poor's A-minus rating

Long term, fixed rates for up to 20 years.
State of Ohio Linked Deposit Program

100%

B/D

$1,000,000

3% below current lending rate

Company must have Ohio headquarters, no divisions out of state and 150 or fewer employees.
State of Ohio Mini Loan Program

N/A

B/D

$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%

B/D

$450,000

4.5% Fixed

Company must be at least 51% minority-owned and controlled.
State of Ohio 166 Regional Loan Program

40%

B/D

$350,000

Maximum of 67% of Prime

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%

B/C/D

Determined locally or by availability

5% - 7%, Fixed Depending on risk

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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