There are also other unique resources we can connect you with – from assistance getting owner financing when purchasing a building to utilizing the resources of the Norwalk Community Development Corporation. The Norwalk area also has access to Venture Capital Funds in Northeast Ohio.

We are happy to help you walk you through the process and connect you with the appropriate program for your needs!

CITY OF NORWALK REVOLVING LOAN FUND
The City’s RLF program is designed to provide gap financing for expanding companies that plan to create jobs, particularly for low to moderate income households. Up to 50% of the eligible fixed asset costs can be funded through this low-interest loan. The loan can help companies acquire real estate, construct or renovate buildings, and purchase machinery and equipment.

Applicants can download the Norwalk RLF Guidelines and Application or call the Norwalk Economic Development Corporation at 419-668-9858 for more information.

GrowNOW PROGRAM The GrowNOW Program is a simple program that lowers the interest rate on loans by 3% for small businesses that are creating jobs or keeping jobs in Ohio (two local companies that fit the criteria recently participated in this program). How the Program Works: If approved, the state treasurer’s office deposits funds in the lending bank. The bank then lowers the interest rate up to 3% for a two year term. After the two years, the company may reapply for a second two year term. The Grow Now program is tied directly to job retention or creation. This program has a ceiling of $400,000.

SMALL BUSINESS LOAN PROGRAMS
There are three area programs that small businesses can utilize if they are looking to borrow less than $50,000 through an area community action group and Erie Basin which have varying terms and requirements. More information is available at the NEDC office, 10 ½ West Main Street, Norwalk.

STATE PROGRAMS
The information below is a quick summary on the State of Ohio’s Loan and Bond financing programs. Complete information on state financing programs is available at the Ohio Department of Development’s web site.

166 DIRECT LOAN
Provides loans for land and building acquisition, expansion or renovation, and equipment purchase.

REGIONAL 166 DIRECT LOAN
Provides loans for land and building acquisition, construction, expansion or renovation, and equipment purchases for eligible businesses. Twelve local economic development agencies administer the program.

OHIO ENTERPRISE BOND FUND
Provides loans for land and building acquisition, construction, expansion or renovation, and equipment purchases for eligible businesses.

INNOVATION OHIO LOAN FUND PROGRAM
Provides loans for acquisition, construction, and related costs of technology, facilities, and equipment purchase.

RESEARCH & DEVELOPMENT INVESTMENT LOAN FUND PROGRAM
Provides loans commitment to Research and Development activities.

MINORITY BUSINESS DIRECT LOAN PROGRAM
Provides fixed, low-interest rate loans to certified minority-owned businesses that are purchasing or improving fixed assets and creating or retaining jobs.

MINORITY BUSINESS BONDING PROGRAM
Provides bid, performance, and payment surety bonds to state certified minority-owned businesses that are unable to obtain bonding through standard surety companies.

OHIO CAPITAL ACCESS PROGRAM
Encourages state chartered financial institutions to make loans to for-profit or nonprofit small businesses that are creating or retaining jobs by establishing a unique reserve account at lending institutions. The state, the lender, and the business each make a small contribution to the account. The reserve account is available to the lender for recovery of losses associated with any loan the lender has enrolled in the program.

RURAL INDUSTRIAL PARK LOAN
Provides direct loans and loan guarantees to rural, distressed local communities and other eligible applicants committed to creating well-planned industrial parks.

VOLUME CAP
Provides allocations to eligible issuers the ability to issue tax exempt Private Activity Bonds up to a state limit known as “Volume Cap” that is determined annually on a per capita basis for projects consisting of multi-family housing, single-family housing, exempt facilities, manufacturing, and student loan bonds.

USDA (U.S. Department of Agriculture)

USDA Business & Industry Loan Guarantee Program
The Business & industry Loan Guarantee is available to businesses looking for financing to purchase machinery & equipment, construct a building, obtain term working capital or refinance existing debt. Most of the businesses that the USDA assists are non-ag businesses.

USDA Rural ‘Energy for America’ Grant & Loan Guarantee Programs
This program is intended to promote energy efficiency and renewable energy development for rural small for-profit businesses and agricultural producers. REAP Grants of up to 25% of the total eligible project costs are available while REAP loan guarantees can help to finance an additional 50% of eligible project costs. The maximum grant available is $500,000 for renewable energy projects and $250,000 for energy efficiency improvement projects. Projects requesting less than $20,000 will receive priority consideration. In 2009 an area company received one of these grant awards.

For more information on the above mentioned state, federal and local programs and which ones may best support your project, contact our Economic Development Team at 419-668-9858.