MCEDC serves on the Board of the Cascade Capital Corporation, which administers the SBA 504 and the Ohio 166 loan programs. For more information, current rate quotes and application forms, contact Bob Filipiak at 330-379-3160.
The SBA 504 program can provide up to 90% of financing for fixed asset purchases with a fixed interest rate loan. Cascade Capital can provide 40% of the project costs, with a bank lender participating with 50% and an equity match of 10%. The terms are up to 25 years for construction, building and land purchases, and up to 10 years for machinery and equipment. Companies must create 1 job for every $75,000 borrowed, while manufacturers can participate by committing to create 1 new job for every $120,000 borrowed. Loan amounts range from $50,000 to $5.5 million. Recent typical rates have been in the 3.5 - 4.0 % range.
Ohio 166 Regional Loan
Cascade Capital partners with the State of Ohio to provide funding for manufacturing and other non-retail projects up to $500,000. Cascade can provide up to 40% of the cost of fixed asset purchases of building, land, and equipment. Manufacturers must agree to create new jobs. The Ohio 166 Regional Loan Program offers a fixed interest rate of 3% for up to 20 years. Contact Cascade Capital for a current quote.