| Community Development |
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Welcome to the Community Development (CD) Department of WSOS. The betterment of communities and all of their essential components results in better lives for people, and that is our goal. We help local governments assess the needs of constituents, plan for the best use of limited resources, then acquire the resources to develop priority projects. |
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| A community's employers provide a large share of the tax base necessary for public services as well as jobs and income for residents, and we work to assist them as well. |
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| The two-fold focus of the CD department is thus upon community betterment and economic opportunity. Serving this purpose has led to several distinct lines of business. |
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WSOS Business Loan Funds
WSOS CD has developed several loan funds. The targeted borrower is the new small entrepreneur requiring a small investment to turn a good idea into a new business, or the small business that needs a new equipment to add a new product line or an infusion of capital to weather "growth pains" and restricted cash flow.
CD works with local Small Business Development Centers, which offer free consultations to develop sound business plans. We also work with local private lenders to complement their lending products. All loan applications are screened for compliance with loan requirements, then reviewed monthly by a volunteer loan review board.
Current loans offered by CD include:
- The Micro Loan Program: Loans up to $5,000 at prime interest (minimum 8%), for micro businesses retaining or creating at least one job for low- to moderate-income households - offered in Huron, Ottawa, Sandusky, Seneca, and Wood Counties.
- The Targeted Business Loan Fund: Offers larger infusions of capital for machinery, minor renovations, or inventory, at 2/3 prime (minimum 6%). Limited funds available for loans in the $25,000 range. Offered in Erie, Huron, Ottawa, Sandusky, Seneca, and Wood Counties.
- The Child Daycare Loan Program: Loans of up to $25,000 to help start or expand for-profit or nonprofit day care centers (equipment, minor renovations, working capital) in a 10-county area from Lucas to Lorain Counties. Limited funds offered at 2/3 prime; call to inquire as to funding availability.
For more information on WSOS loan programs and how they can help your business or community, contact Loan Fund Manager Angela McConnell, ammcconnell@wsos.org
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