Ohio Development Services Agency Offers New Information on Small Business Loans
In an effort to continue to strengthen small businesses, the Ohio Development Services Agency loaned $ 10 million to Appalachian Growth Capital – Ohio’s newest community development finance institutions (CDIF) fund to provide loans for help start and grow businesses in Appalachian Ohio.
The coronavirus pandemic (COVID-19) has significantly affected thousands of small businesses in the Ohio 32-county area of the Appalachian Mountains. Now, those looking for loans to support their business or pay employees can do so up to $ 500,000 as part of the partnership between Appalachian Growth Capital and ODSA.
AGC has provided small business loans for a variety of industries. To date, AGC has supported the following industries:
Broadband: $ 2,000,000
Sawmill: $ 500,000
Vineyard: $ 300,000
Retail: $ 150,000
Meat processing: $ 550,000
Investment downtown: $ 927,000
Tool manufacturing: $ 35,000
Metal fabrication: $ 50,000
Agriculture: $ 3,000,000
Oil / Gas Service: $ 750,000
Food manufacturing: $ 200,000
Service company: $ 290,000
AGC provides more information on the relationship between the lender and those who accept the loan if businesses find themselves applying for one of their small business loans:
“AGC can bridge the gap between credit loan needs between lenders and the needs of businesses for start-up, expansion or restructuring of their balance sheets. Financing growth can be a challenge for businesses, but AGC understands that supporting businesses creates jobs and strengthens communities by growing the local economy. AGC’s flexible terms can help businesses that are struggling to qualify for conventional loans. CDFIs are 28% more likely to approve business loans than small banks and 71% more likely than large banks. Numerous studies show that access to credit is one of the main problems preventing business start-ups and hindering the growth of small businesses.
Companies can find out more and apply on: https://appcap.org
Contact Jacob Smith at (740) 353-3101 ext. 1930, by email to [email protected], or on Twitter @JacobSmithPDT © 2020 Portsmouth Daily Times, all rights reserved