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