Eligible Businesses:

Primarily Existing Small Businesses:  Manufacturing, Wholesale, Retail, and Service Businesses located in Miami County. Start-up businesses also may be eligible.
 

Use of Funds:

Land, Building, Equipment, Acquisition, NewConstruction and Working Capital
 

Job Creation:

1 Job Created/Retained for each $25,000 of RLF funds within 24 months of the project's completion
 

Maximum Loan:

Up to $500,000
 

Minimum Loan:

$25,000
 

Term of Loan:

Based upon useful life of asset; Generally equal to or greater than the private lender; Up to 15 years for real estate; Up to 10 years for equipment
 

Interest Rate:

Fixed rate below the market; based on the necessary and appropriate needs of the borrower
 

Bank Financing:

50% of Project Cost
 

Equity:

10% of project cost; Start-up businesses will generally require 20% equity
 

Collateral:

RLF may take a subordinated position on assets financed; Personal guarantees from owners of more than 20% of company.
 

Fees:

One time 1% application fee up to $750 and any out-of-pocket closing costs.
 

Contact:

Miami County Economic Development 937.440.8121
 

For more information contact

Miami County Economic Development Department
Hobart Center for County Government
510 W. Water Street, Troy, OH 45373
Phone (937) 440-8110, Fax (937) 440-8124