loan programs

OHIO REGIONAL 166 LOAN

The Ohio Regional 166 Loan Program provides low, fixed-rate financing for fixed assets such as real estate purchases, construction/improvements, and non-rolling stock equipment. The program primarily supports projects for for-profit manufacturing, distributing, and wholesaling businesses throughout Ohio. A typical transaction consists of 50% bank financing; 40% Ohio 166 loan; and 10% owner equity.

Benefits Include:

  • Loans of up to $1 million

  • Loan terms up to 20 years

  • Current interest rates as low as 3%

CONTACT: Jason Bartschy, Loan Programs Manager

jbartschy@toledoport.org | 419.214.4193

SMALL BUSINESS ADMINISTRATION 504 LOAN

The U.S. Small Business Administration 504 Loan provides long-term, fixed-rate financing for fixed assets such as real estate purchases, construction/improvements, and non-rolling stock equipment. The program will support most for-profit businesses that demonstrate the project will create and/or retain jobs in the region. This program can also finance start-ups and incorporate refinancing.

Benefits include:

  • Maximum loan of $5 million or up to $5.5 million for manufacturers

  • Terms of either 10, 20 or 25 years

  • Current fixed interest rate of <6.5%

The SBA 504 Loan Program is a participating VetLoan Advantage Program CDC. 

Benefits for any business owned >33% by a veteran, active-duty military, or a spouse of either include:

  • Waived $500 application fee

  • $500 off the CDC’s closing fees

  • Discounted effective interest rate on the loan

CONTACT: Jason Bartschy, Loan Programs Manager

jbartschy@toledoport.org | 419.214.4193

Northwest Ohio Revolving Loan Fund

The U.S. Department of Commerce’s Economic Development Administration (EDA) announced on February 18, 2021, the award of a $2.4 million CARES Act Recovery Assistance Grant to the Toledo-Lucas County Port Authority to create a Revolving Loan Fund for businesses in Northwest Ohio. The EDA grant will be matched with $600,000 in local investment in establishing a $3 million loan fund.

Leveraging its experience in managing various financing programs throughout the state, the Port Authority created the Revolving Loan Fund for eligible businesses throughout Lucas, Ottawa and Wood Counties in Ohio as a gap financing tool for eligible non-profit and for-profit businesses.

The program was created to address a regional weakness in access to capital and support the overall goals of the Comprehensive Economic Development Strategy (CEDS) for the region, as one job will be created or retained for every $50,000 distributed.

Benefits of the program include:

  • Loan amounts between $10,000 and $300,000

  • Targeted fixed interest rates: 4% OR 75% of the prime rate

  • A term of five to 10 years for equipment loans; A term of 10 to 20 years for owner-occupied commercial real estate loans

Click here to download the Revolving Loan Fund Program Application. 

CONTACT: Craig Teamer, Director of Finance and Special Projects

cteamer@toledoport.org | 419.214.4182