Targeted Business Loan Fund (TBLF)

Category: Community Development

Overview

The TBLF is designed for new and existing businesses with 50 or fewer employees that need small loans. Priority projects will include the following: complying with environmental regulations through installation of new equipment; environmentally sensitive projects involving energy-saving manufacturing processes, use or manufacture of recycled materials, or development of new and emerging environmentally enhancing products; production of agriculturally based products; and smaller micro-business with potential to provide a new service or product.

Benefits

• The creation of new and projected employment opportunities which match the abilities of the target area’s unemployed and underemployed, and which provide sufficient income to sustain families within the area’s rural communities.
• The creation and retention of viable businesses within the target area.
• Last resort financing.
• Gap financing.

Eligibility Requirements

Uses: Machinery/equipment, furnishings/fixtures, inventory, working capital (no acquisition of real estate, major construction, re-financing of existing debt, or franchises);
Maximum to Borrow: $30,000
Type of Entity: Private for profits
Rates: 2/3 of the current prime (minimum 9%) at time of loan approval
Terms: 3 – 10 years
Fees: $50 application fee plus applicable closing costs and $20 late fee if payment is not received by the 10th of the month, $20 fee for non-sufficient funds

Eligible Counties

Erie, Huron, Ottawa, Sandusky, Seneca, Wood

Contact Information

Angie McConnell (Loan & Grant Specialist)