Loan Type

Uses

Purchase new or existing land and buildings (including additions)

Machinery & Equipment

Fixed assets associated with purchase of an existing business

Purchase new or existing land and buildings (including additions)

Machinery & Equipment

Loan term

20 years on real estate

10 years on equipment

Up to 15 years on real estate

5 to 10 years on equipment

Interest Rate (Fixed)

20-year 4.82%

10-year 4.81%

Refinance rate 4.86%

3% Fixed for 5 years

Slightly higher for longer terms

Typical financing structure

Commercial Bank 50%

SBA 504 40%

Borrower 10%

Commercial Bank 50%

Ohio 166 40%

Borrower 10%

Borrower down payment required

10%

10%

25% = 75% Ohio 166

Loan limits

$50,000 minimum

$5.0 million maximum

$5.5 million manufacturing companies (NAICS Sectors 31, 32 or 33)

$5.5 million energy reduction (10%) or use of renewable energy/ renewable fuels production.

$50,000 minimum

$500,000 maximum

Collateral

Second lien/mortgage on assets financed by SBA 504

Personal guaranty of 20% or greater company owners

Shared first with bank on project assets or second position for an extra 1% fee

Personal guaranty of 20% or greater company owners

Fees

2.15% (financed in loan)

1% of Ohio 166 Loan

$2,000 - $2,500 legal closing costs (financed in loan)

$1,500 - $2000 legal closing fees

Loan processing

2 to 3 weeks

2 to 3 weeks

"Go Foward" letter available before final approval (if requested) State of Ohio

Borrower can incur eligible project costs before SBA 504 application - No time limit

Areas serviced

State of Ohio

State of Ohio

Job creation/ retention requirements

One job per $65,000

One job per $100,000 for manufacturing companies

One job per $50,000

Cascade Capital Corporation, I Cascade Plaza, 18th floor, Akron, OH 44308

Phone:

330 379-3160

Fax:

330 761-0307

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