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