Business/Project: SBDC Program is a management assistance delivery program of the Small Business Administration, administered in partnership with the Ohio Department of Development.

Business Benefits: Promotes growth, expansion, innovation, increased productivity and management improvement of Ohio's small businesses. Provides increased opportunities for the networking and information exchange.

For more information, contact:
SBDC – (330) 375-2111
www.akronsbdc.org

Business/Project: Businesses locating in the AGBA benefit from more than low-cost, quality space. They benefit from an atmosphere that encourages information exchange between businesses. The AGBA aims to provide a continuing source of information, knowledge, technical skills and services not readily available to new and emerging businesses outside the program.

Services and Assistance: Tenants of the AGBA have access to assistance in business plan development, marketing assistance, access to governmental resources, group insurance rates as well as a receptionist, clerical assistance, fax machine, conference rooms, secured parking, photo-copier and pallet truck.

For more information, contact:
Michael LeHere (330) 375-2173
or visit www.ci.akron.oh.us/aii

Business/Project: Aimed at entrepreneurs starting a new business and existing businesses whose average annual sales for the preceding three years do not exceed $5 million and employ 100 or less, including affiliates.

Rate/Terms: Applicants negotiate terms with the lender. Interest rates are tied to the prime rate and may be fixed or variable; however, they cannot exceed SBA maximums, which are:

• For loans less than seven years, up to 2.25% over prime
• For loans over seven years, up to 2.75% over prime.

Loans under $50,000 may be subject to higher rates. The length of repayment depends on the ability to repay and the use of the loan proceeds. The length of time may not exceed 25 years for fixed assets or 10 years for all other uses.

Eligibility: All types of businesses are eligible except media and speculative. See Business/ Project.

Business/Project: 504 loans are used for construction, renovation, expansion, land acquisition, machinery and equipment for businesses meeting SBA guidelines.

Rate/Terms: Machinery and equipment terms are ten years and real estate terms are twenty years. Interest rates are based on current rates for five and ten-year U.S. Treasury issues, plus a spread over the treasury rate based on market conditions.

Eligibility: A business must meet the following criteria to qualify for 504 assistance: 1) A business is considered small if it has 500 or fewer employees. 2) Its net worth must not exceed $6 million and its average net income after taxes for the preceding two years must not exceed $2 million. 3) It must be a for profit corporation or proprietorship. 4) It must be a "sound business" purpose. 5) Its project must demonstrate a significant impact on the community in which it is located, primarily through job creation or retention.

Business/Project: Fixed Assets, working capital or start-ups with 25-30% equity.

Rate/Terms: Financing for buildings and land, up to 25 years. For machinery and equipment, up to 15 years. Working capital, up to 7 years. Rates are prime plus 2 1/4 -2 2/3.

Eligibility: Manufacturing enterprises with 500-1500 employees, Wholesalers with less than 100 employees, contractors with receipts between $9.5 and $17 million, retailers with receipts between $3.5 and $13.5 million and services with receipts between $3.5 and $13.5 million are eligible.

STATE OF OHIO 166 DIRECT LOAN PROGRAM

Business/Project: Loans from $350,000 to $1 million are provided to acquire land and buildings, new construction, building renovation, acquire new or used machinery and equipment and project related soft costs.

Rate/Terms: Currently rate is fixed at 5% plus 1/4 annual service fee. Terms are up to 15 years for real estate and up to ten years for machinery and equipment.

Eligibility: A private lender is required and 10% owner cash equity is mandatory.

For more information, contact:
Governor’s Office of Economic Development (330) 643-3392

Business/Project: Participates in the financing of the acquisition of fixed assets, including land, buildings, machinery and equipment, for healthy, expanding, area small industrial businesses.

Rate/Terms: Rates are generally 2/3 of prime with a 10% owner equity requirement, a repayment term of up to 10 years on machinery and equipment and 15 years on real estate. The rate is fixed for the life of the loan. The term is based on the useful life of the assets being financed and the term of the bank loan in the project.

Eligibility: The business must be located in Ashland, Holmes, Medina, Summit or Wayne Counties and must be a for-profit corporation, partnership or sole proprietorship. The business must demonstrate that jobs will be created, private financing must be secured for 60% of the project cost and owner equity must provide a minimum of 10%. The 166 programs may lend funds to businesses engaged in commerce, manufacturing, research and development or distribution. Projects which depend on speculative investment property are not eligible.

Business/Project: Rehabilitation and expansion of downtown businesses.

Rate/Terms: Loans of up to $175,000 are available at 3% below the prime rate with a maximum term of twenty years. Rates may either be fixed or variable at the discretion of the lending institution.

Eligibility: Available for retail and commercial, for-profit businesses within the Akron Central Business District and for individuals or companies establishing new businesses within that area. Participating lenders include First Merit Bank, National City Bank, Key Bank, Bank One, Charter One Bank, and Second National Bank.

Business/Project: Facade improvement grants are available for businesses, property owners or tenants within the Akron Central Business District.

Rate/Terms: Matching grant for 50% of a project. A maximum of $10 per square foot or $15,000 is available, whichever is less.

Eligibility: The grant can be obtained for improvements to building facade, fronts, sides and rear as well as signage and site improvements such as hard surfacing of off-street parking areas and landscaping. The Facade Improvement Grant may be used in addition to the Downtown Development Loan Program.

For more information, contact:
Mayor's Office of Economic Development (330) 375-2133

Business/Project: Available to retail downtown businesses. Excluded from eligibility are general offices, manufacturing, government, non-profit entities and social service entities.

Rate/Terms: Purchase Grant, or a Lease Grant up to $5,000 is available. The grant will be used to match on a 50/50 basis the purchaser's down payment or the tenants first-year lease costs. In addition, a matching Improvement grant of up to $10,000 for improvements to the retail space.

Eligibility: Businesses must be for-profit, retail oriented and be downtown. This program applies only to those individual storefronts on Main Street, which are vacant within the blocks along Main Street bounded by South High Street, Cedar Street, Water Street, West Buchtel Avenue, West Bowery Street, South Main Street and Furnace Street.