Established businesses and entrepreneurs alike must have access to sufficient capital in order to operate and grow.  Obtaining the financing needed in a risk adverse lending environment can often pose a challenge.  Fortunately there are numerous institutions with tools and resources to assist the business community in acquiring the cash they need to achieve their desires goals and objectives.  The following is a summary of the most commonly utilized program. 

Local Resources

Revolving Loan Funds
A Revolving Loan Fund seeks to promote business start-up and expansion in Wayne County by creating and/or retaining employment opportunities for low to moderate income persons. Eligible types of RLF loan activity include:

Fixed assets for acquisition and/or improvement of land, equipment, new construction or renovation of exiting facilities.

Working capital for the start-up of new businesses or existing businesses.


Tax Increment Financing
Fixed Rate Tax Increment Financing (TIF) is a financing alternative for qualifying projects, resulting in more favorable financing terms. A TIF must be used to finance infrastructure needed for a project
and for which there is a common public good. Qualifying public works include streets, parking, water and utilities.

166 Direct Loan
The 166 Direct Loan provides loans for land and building acquisition, construction, expansion, or renovation, and equipment purchases for eligible businesses. The program provides low-interest loans up to 40 percent not to exceed $1.5 million. 

Ohio Enterprise Bond Fund
The Ohio Enterprise Bond Fund provides revenue bond financing through an S&P rated fund, whereby proceeds from the sale of bonds are loaned to companies for fixed-rate, long-term capital asset financing. Rates are market-driven and fixed prior to funding. Loan terms range between 7 to 10 years for equipment and 15 to 20 years for real estate. Up to $10 million in financing is available through the program.


Innovation Ohio Loan
The Innovation Ohio Loan Fund provides loans for acquisition, construction, and related capital costs of technology, facilities, and equipment purchases. The fund was created to assist existing Ohio companies in developing next-generation products and services within the state’s Industry Sectors up to 75 percent ranging from $500,000 to $1.5 million.

Research & Development   Investment Loan Fund
The Research and Development Investment Loan Fund provides loan financing between $500,000 and $5 million for projects primarily engaging in research and development activity. Rates are fixed (at- or below-market rates) with other loan terms similar to those of commercial bank financing. Companies receive a dollar-for-dollar, non- refundable Ohio commercial activity tax credit for principal and interest payments made during the year up to $150,000 during the loan term.

Basic 7(a) Loan Program
The SBA 7(a) Loan Program can be used for most sound business purposes including working capital, equipment, furniture, land and building, leasehold improvements, and debt refinancing (under special conditions).


 504 Loan Program
The SBA's 504 Loan program offers small businesses another avenue for business financing, while promoting business growth, and job creation.

Business &Industry Guarantee
The purpose of the Business & Industry Guaranteed Loan Program (B&I) is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities.

Rural Energy for America
Under the Rural Energy for America Program, project developers will work with local lenders, who in turn can apply to USDA Rural Development for a loan guarantee up to 85 percent of the loan amount.


Rural Economic Development Loan & Grant
Under the Rural Economic Development Loand and Grant (REDLG), USDA provides zero interest loans to local utilities which they, in turn, pass through to local businesses for projects that will create and retain employment.

Rural Business Investment
USDA licenses newly formed for-profit investment fund entities as Rural Business Investment Company's (RBIC)s. RBIC’s use the equity raised in capitalizing their fund to make equity, and equity-like, investments.

Not Sure Which Program Best Meets Your Needs?
Save time and frustration by contacting the experienced and knowledgeable staff at the WEDC for recommendations and assistance in applying for financial assistance for your project.

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