United States Department of Agriculture (USDA) Rural Development Financing Programs

·         Loan guarantee of up to 90% of loan

·         Loan proceeds may be used for working capital, machinery and equipment, buildings and real estate, and certain types of debt refinancing. 

Value-Added Agricultural Product Market Development Grants:

• available to independent producers, farmer cooperatives, agricultural producer groups, and producer-based business ventures. 
• grant can be used to develop business plans and provide working capital to add value to agricultural products. 

State Contact: Randall C. Hunt, State Director or James T. Cogan, Business Program Director,

Federal Building, Room 507,

 200 N. High Street

Columbus, OH 43215,

614-255-2500. 

Regional Contact:  John Miller, Asst. Rural Development Manager

5200 Cleveland Road,

Suite A

Wooster, OH 44691

330-345-6791

SBA 504

• A direct loan to the business for $50,000-$1,300,000
• Interest rate is fixed for the loan term, which can be 10 or 20 years
• The 504 loan takes a second mortgage and/or second lien collateral position
• Another lender must provide at least as much project financing as the 504 loan

• Eligible projects include Land and/or building purchases, new building construction and/or remodeling, Machinery and equipment purchases, Leasehold improvements, Purchase of Ongoing Business’ Fixed Assets, For existing buildings, the business must occupy 51% of premises

Contact Ohio Statewide Development Corp. (OSDC)

Dianne Allen, Executive Director

1335 Dublin Road,

Suite 200A,

Columbus, OH 43215, 614-481-3214. 

Northern Ohio Office—P.O. Box 127

Avon Lake, OH 44012

440-930-7102,

Low Document-action Loan

Extremely popular, upon meeting your lender’s credit requirements, this program offers a one-page SBA application form and rapid turn-around on approval for loans up to $150,000.  SBA will guarantee up to 85% of the loan amount.  Applications are processed within 2-3 business days.  Business start-ups, as well as businesses with average annual sales for the past three years not exceeding $5 million and with 100 or fewer employees, including affiliates, are eligible.

Start with you local lending institution

7(a) Loan Guaranty Program

The process begins by first approaching a private lender; SBA gets involved when the lender certifies that he cannot provide financing on reasonable terms without an SBA guaranty. 

The SBA can guarantee as much as 85% on loans of up to $150,000 and 75% on loans of more than $150,000.  The maximum loan size that can be guaranteed is $750,000 and the SBA-guaranteed loan must be in first lien position on any assets acquired with loan proceeds.

SBA, Columbus District Office, 2 Nationwide Plaza, Suite 1400, Columbus, OH  43215, 614-469-6860

Pre-Qualification Loan Program

Businesses are assisted with their loan applications and business plans for expedited approval process..

Small Business Development Center at Ashland University

401 College Avenue

Jim Stoner

877-289-1468

SBAExpress

Loan Guarantee of up to 50% of the loan.  Loan made through qualified lender

Start with local lending institution

CAPLines

• Designed to help small businesses meet their short-term and cyclical working capital needs. 
• CAPLines can be used to finance seasonal needs, direct cost of certain construction, service and supply contracts, and operating capital.  Short-term debt can also be consolidated. 

SBA, Columbus District Office, 2 Nationwide Plaza, Suite 1400, Columbus, OH  43215, 614-469-6860

7(m) Microloan Program

Provides small loans ranging from under $500 to $35,000.  Interest rates are negotiated between the borrower and the intermediary.  

Enterprise Development Corporation

9030 Hocking Hills Drive

The Plains, OH  45780

(740) 797-9646 or

(800) 822-6096.

Small Business Investment Company Program (SBIC)

This program provides venture capital for small businesses that are either starting or growing.  SBICs are private, for-profit investment firms that are licensed and regulated by the SBA.  Please click the link to the left for more information.

ACE-Net

Originally created by SBA, the Angel Capital Electronic Network (ACE-Net) is now a private non-profit Internet-based listing service that provides information to angel investors on small, growing companies seeking $250,000-$5 million in equity financing.