Revolving Loan Fund
Wyandot County Revolving Loan Fund Program
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. Although, Wyandot County does not current have a RLF of their owe, the City of Upper Sandusky does for those who live within the city limits. If you live outside the city limits, steps can be taken to set up an RLF. If you are interested, please contact,Greg Moon at the Wyandot County Office of Economic Development for more information.
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
- 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)
· 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.