| Uses |
- Purchase land and construction of new buildings
- Purchase and renovate existing buildings
- Purchase/install machinery and equipment
|
| Ineligible |
|
| Typical Financing Structure – Shared First Lien on Mortgage |
- Commercial Bank 50%
- Ohio 166 40%
- Borrower Down Payment 10%
|
| Second Mortgage or Lien |
- Commercial Bank 50%
- Ohio 166 40%
- Borrower Down Payment 10%
|
| No Bank Participation |
- Ohio 166 75%
- Borrower Down Payment 25%
|
| Loan Term |
- Up to 20 years on real estate
- 5 to 10 years on equipment
|
| Interest Rate (Fixed) |
|
| Loan Limits |
- $50,000 minimum
- $1,000,000 maximum
|
| Collateral |
- Shared first with bank on project assets or second position on project assets; may need additional collateral
- Personal guaranty of 20% or greater company owners
|
| Fees |
- 1.0% of Ohio 166 Loan – shared first
- 1.0% of Ohio 166 Loan – second position; may need additional collateral
- Legal Closing Fees: $2,000
|
| Loan Processing |
- 5-6 weeks
- “Go Forward” letter available before final approval (if requested) State of Ohio
|
| Areas Serviced |
|
| Job creation/retention requirements |
- New job creation required; not tied to specific dollar amount
|
