Loan Programs

U.S. Small Business Administration (SBA) 504 Loan Program

  • Land and building acquisition or construction and/or purchase of large equipment, limited refinance with certain restrictions
  • If financing Building, must be owner occupied 60-80% for new construction, 51% for existing building
  • Financing is generally up to $5 million, available to for-profit businesses,¬†with 10 or 20 years maturity
  • Structure of financing is generally 50% of cost from participating bank, 40% from CCDC and 10% equity, may be adjusted for new business or special purpose property
  • CCDC Financing has a fixed rate for entire loan term
  • Fees include $500 application fee, 2.15% loan fee (financed) and 0.5% of first mortgage amount (paid by participating lender).¬† Closing costs can be financed in loan
  • Net Earnings of Borrower $5 million or less average for last two years, $15 million or less net worth
  • Personal Guarantees from owners with 20% or more ownership and Corporate Guarantees from Operating Company and qualifying Affiliates
  • One job needs to be created for every $65,000 borrowed unless a public policy goal is met
  • Prepayment Penalty applies for first half of loan term
  • Loan Program available throughout Ohio

Other Financing Programs and Services

  • Grove City Town Center Loan Program
  • SBA 7a Guarantee Loan Eligibility Determination and Packaging Service
  • Referral sources if financing solution is not available through CCDC

City of Columbus Loan Program

  • Working capital, inventory, equipment, land and building acquisition
  • Direct loan up to $195,000 for real estate and equipment and up to $100,000 for working capital and inventory
  • Available to for-profit businesses, for 5 to 10 years maturity
  • Structure of financing includes 10% equity. No Bank participation is required, but is encouraged
  • CCDC financing has a fixed rate for entire loan term and minimal fees
  • One job needs to be created for every $35,000 borrowed, 51% must be low to moderate income

Franklin County Loan Program

  • Working capital, inventory, equipment, land and building acquisition for businesses in Franklin County but not in the City of Columbus
  • Direct loan up to $195,000 for real estate and equipment and up to $100,000 for working capital and inventory
  • Available to for-profit businesses, for 5 to 10 years maturity
  • Structure of financing includes 10% equity. No Bank participation is required, but is encouraged
  • CCDC financing has a fixed rate for entire loan term and minimal fees
  • One job needs to be created for every $35,000 borrowed, 51% must be low to moderate income