Local Resourses
Business owners who need assistance with the financial burdens of creating or maintaining a business can use the Revolving Loan Fund (RLF) Program to obtain a low interest loan. The fixed rate term can be set anywhere between 5 and 15 years (depending on the assets purchased) to provide you the flexibility to decide what will work best for your budget. The RLF program promotes economic development through the retention of the current economic base, assisting with the redevelopment of blighted and vacant areas, attraction of new business, and supporting Wyandot County’s core economies by focusing on small business development.
Approved Uses of Loan Funds
- Land Acquisition
- New Construction
- Building Renovation/Improvements
- Machinery and Equipment
- Working Capital
- Start-up Costs for new business
- Expansion of an existing business
- Relocation Expenses if a business is moving to the area from another state
- Funds to Purchase an existing business in Wyandot County
Loan Terms and Policy
- Fixed interest rates will be established on a case-by-case basis and will not exceed the current prime lending rate (as established by the Federal Reserve).
- Terms of the loan will be based on the useful life of the asset being purchased (5-15 years)
- Terms of the Working Capital loan will be based on a fixed interest rate for 5 years
- Personal guaranty of borrower will be required
Loan Guidelines
- Businesses must be a for-profit entity and registered in the State of Ohio
- Businesses must be located in Wyandot County.
- Up to half of total projects cost will not exceed $490,000, with a loan minimum of $5,000
- Must show creation or retention of at least one full-time job per $25,000 borrowed (This requirement must be met within 36 months)
- Prevailing wage is required on all construction costs (interior and exterior)
Application Requirements
- Independent Project Cost Estimates
- Three (3) Years of Historic and Projected Financial Statements
- Business Plan and Description
- Resume and Credit History of Borrower
- Personal Financial Statement
- Commitment letter from Private Lender for RLF
The completed application is submitted to the local RLF committee for discussion and approval. Upon approval on the local level, the loan packet is then sent to the State of Ohio Department of Development (ODOD) for a final approval. After the State's approval, a loan closing will be scheduled. The estimated time frame from receiving all necessary documents to final State approval and loan closing is about 60 days.
This program is funded from the proceeds of grants received from the U.S. Department of Housing & Urban Development and the Ohio Department of Development; Compliance with applicable federal and state program rules and regulations is required.
Rocket Ventures is a $22.5 million venture capital organization partially funded by the Ohio Department of Development, which identifies and invest in early stage companies that have strong potential in the marketplace, solid prospects for growth and are likely to qualify for later stage funding. Beyond investing and intensive business assistance, Rocket Ventures seeks to promote celebrate and continually grow Northwest Ohio’s position as a nationally significant center for entrepreneurship and innovation.
Rocket Ventures strives to:
- Identify early-stage, high-potential technology companies
- Deliver capital resources, business knowledge, and technical expertise
- Position client companies to receive other available financing
- Speed up the process of bringing new technology to the market
- Generate wealth for investors and northwest Ohio
Target Industries:
- Advanced Materials
- Agriculture or Bioscience
- Power and Propulsion Instruments
- Control Sensors and Electronics
- Information Technology or Computers
As part of Rocket Ventures, the Ignite Development Grant program provides essential funding to emerging, early stage technology companies and innovative manufactures in high-growth industries, allowing them to take the first steps toward commercialization. Rocket Ventures has a specialized review process, and every Ignite Grant is evaluated and approved by the technology and commercialization board of advisors.
Another component of Rocket Ventures is the Launch Program. This program provides a customized portfolio of business incubation services to technology based start-up companies to accelerate growth through the early stages of commercialization. Funded through the Thomas Edison Program at the Ohio Department of Development, Launch fosters the growth of new technology ventures through services such as business plan development, market analysis, financial planning and intellectual property management.
For more information on Rocket Ventures and development in Wyandot County contact
Eric Romich.
Blanchard Valley Port Authority
Under Ohio law, the Port Authority can participate in activities that “enhance, foster, aid, provide, or promote transportation, economic development, housing, recreation, education, governmental operations, culture, or research.” The Port Authority can finance, own, or lease land, buildings, and equipment.
The Port Authority can help:
- Small and medium sized companies gain access to the national capital market to finance new construction, expanding current facilities, or acquiring and renovating existing buildings. Competitive interest rates for such projects are comparable to BBB+ investment grade rated companies. This long-term, fixed interest rate financing through the issuance of revenue bonds provides favorable terms when compared with traditional financing.
- Large sized companies through financing, operating, or synthetic leases which can help the company reduce its overall costs of occupancy. These types of financings require the Port Authority to own the building and lease it to the company. The land can be acquired and owned by the Port Authority or leased from the company. All materials used in construction or renovation of such a building are exempt from state sales taxes.
- Governments for projects such as office or service buildings, public parking garages, tax increment and special assessment projects.
- Non-profit organizations including elementary and high schools, colleges and universities, cultural organizations, and any other IRS-approved 501( c ) 3 entities.
The Port Authority is considered a “friendly borrower” and may receive favorable terms for difficult to accomplish structures or incentive-driven transactions. Combining all available funding sources such as the grants and loans, private market funds, and financial assistance from other Port Authorities as appropriate are drawn upon to provide the borrower with the lowest cost of financing. Involving the Port Authority could be a “tie-breaker” for any project of $1.5 million or higher.
Please Contact
Eric Romich for details about how the Blanchard Valley Prot Authority can work for you in Wyandot County.