Loan Type
Uses • Purchase new or existing land and buildings (including additions)

• Machinery & Equipment

• Leasehold Improvements

• Fixed assets associated with purchase of an existing business

 • Purchase new or existing land and buildings (including additions)

• Machinery & Equipment
Loan term • 20 years on real estate

• 10 years on equipment

 • Up to 15 years on real estate

• 5 to 10 years on equipment
Interest Rate (Fixed)

• 20-year 6.34%

• 10-year 5.82%

2/3 Prime

Typical financing structure

• Commercial Bank 50%

• SBA 504 40%

• Borrower 10%

• Commercial Bank 50%

• Ohio 166 40%

• Borrower 10%
Lending partners • Commercial Bank

• Savings & Loans

• Bonds

• Commercial Bank

• Savings & Loans

• Bonds
Borrower down payment required 10% 10%
Loan limits • $50,000 minimum

• $1.5 million maximum

• $2 million public policy goal

• $4 million manufacturing companies (NAICS Sectors 31, 32 or 33)

 • $50,000 minimum

• $350,000 maximum
Collateral • Second lien/mortgage on assets financed by SBA 504 • Pro rata shared first lien or mortgage with bank lending partner
Fees • 2.15% of SBA 504 loan (financed in loan) • .75% of Ohio 166 Loan
• $1,500 - $2,500 legal closing costs (financed in loan) • $1,500 - $2,000 legal closing fees
Loan processing • 2 to 3 weeks • 2 to 4 weeks
Areas serviced • State of Ohio • State of Ohio
Job creation/ retention requirements • One job per $50,000

• One job per $100,000 for manufacturing companies

• No job creation/ retention

 • One job per $35,000
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