Financing a business start-up or expansion can be an overwhelming task. SDB Finance Corporation can help simplify this process. In addition to offering several direct financing programs, SDB Finance Corporation can work with your company to identify and evaluate all of the financing resources that are available for your type of project. We can also help complete the required paperwork and make sure that your project meets all of the loan requirements.
These finance programs are currently offered through SDB Finance Corporation:
U.S. Small Business Administration 504 Loan Program
Eligible small businesses can receive long-term, fixed-rate financing with a low down payment to be used for fixed assets and certain soft costs. The maximum participation is $1,000,000 or up to 40% of the project cost.
State of Ohio '166' Regional Loan Program
Commercial and Industrial companies that can demonstrate that their projects will create or retain jobs in Ohio may qualify for this program. One job must be created or saved for every $35,000 of State funds. The maximum participation is $350,000 or up to 40% of the qualifying project. These loans have a fixed rate of not more than 2/3 of the Prime lending rate. Fixed assets financing only.
State of Ohio '166' Direct Loan Program
Similar to the 166 Regional Loan Program, the 166 Direct Loan Program finances larger projects. One job must be created or saved for every $15,000 of State funds. The maximum participation is between $350,000 and $1,000,000 or up to 30% of the qualifying project. These loans also have a fixed rate of not more than 2/3 of the Prime lending rate. Fixed asset financing only.
State of Ohio Enterprise Bond Fund
Commercial and industrial companies that will create new jobs in Ohio may be eligible for this program. Loans range from $1.5 million to $10 million or 90% of the total project.
Known as the Immigrant Investor Program, this was created by Congress in the early 1990’s to spur economic development in rural and distressed communities. The program encourages wealthy foreign nationals to invest at least $1 million (or $500,000 in a high unemployment or rural area) and create at least 10 new full-time jobs for US workers in exchange for the opportunity to obtain a Green Card.
Since foreign investors are primarily motivated by access to the Green Card and not financial return, EB-5 interest rates can be very competitive or even slightly below market rate. EB-5 financing is often combined with other funding sources in a project.
MidAmerican Global Ventures is a public-private partnership with support from eight regional economic development organizations, including the Toledo-Lucas County Port Authority, Columbus-Franklin County Finance Authority, Finance Fund, Columbus 2020, Stark Development Board, Jefferson County Port Authority, Athens County Economic Development Council and the Zanesville-Muskingum County Port Authority. In addition, The Ohio State University and the University of Toledo are supporting MidAmerican Global to promote international educational exchanges.
You can learn more at http://www.midamericanglobal.com/ or call Brian Hicks or Keith Conroy at (614) 914-5076 with any questions you may have about this innovative financing tool.
Port Authority Financing
The Stark County Port Authority offers unique “off-balance sheet” financing opportunities to companies interested in constructing or purchasing new manufacturing/distribution, R & D, or office facilities.
For more information, contact Jeff Hasapis at 330.453.5900.