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| Loan Type |  |
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| Uses | • Purchase new or existing land and buildings (including additions)
• Machinery & Equipment • Fixed assets associated with purchase of an existing business |
• Purchase new or existing land and buildings (including additions)
• Machinery & Equipment |
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| • Refinancing owner-occupied term debt (Fixed Assets Only) coming due with in one year. | |||||||||||||||||||||||||||||||||
| Loan term | • 20 years on real estate
• 10 years on equipment |
• Up to 15 years on real estate
• 5 to 10 years on equipment |
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| Interest Rate (Fixed) |
• 20-year 4.84% • 10-year 4.01% |
• 3% Fixed for 5 years
• Slightly higher for long terms |
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| Typical financing structure |
• Commercial Bank 50% • SBA 504 40% • Borrower 10% |
• Commercial Bank 45 - 50% • Ohio 166 40 - 45% • Borrower 10% |
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| Borrower down payment required | 10% | 10% | |||||||||||||||||||||||||||||||
| Loan limits | • $50,000 minimum
• $5.0 million maximum • $5.5 million manufacturing companies (NAICS Sectors 31, 32 or 33) • $5.5 million energy reduction (10%) or use of renewable energy/ renewable fuels production. |
• $50,000 minimum
• $500,000 maximum |
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| Collateral | • Second lien/mortgage on assets financed by SBA 504 | • Shared first with bank on project assets or second position for an extra 1% fee | |||||||||||||||||||||||||||||||
| Fees | • 2.15% (financed in loan) | ||||||||||||||||||||||||||||||||
| • Now Only 1% of Ohio 166 Loan | |||||||||||||||||||||||||||||||||
| • $2,000 - $2,500 legal closing costs (financed in loan) | |||||||||||||||||||||||||||||||||
| • $1,500 legal closing fees | |||||||||||||||||||||||||||||||||
| Loan processing | • 2 to 3 weeks | • 2 to 3 weeks
• "Go Foward" letter available before final approval |
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| • Borrower can incur eligible project costs up to 9 months before SBA 504 application | |||||||||||||||||||||||||||||||||
| Areas serviced | • State of Ohio | • State of Ohio | |||||||||||||||||||||||||||||||
| Job creation/ retention requirements | • One job per $65,000
• One job per $100,000 for manufacturing companies • No job creation for refinancing projects |
• One job per $50,000 | |||||||||||||||||||||||||||||||
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Cascade Capital Corporation, I Cascade Plaza, 18th floor, Akron, OH 44308
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| Phone: | 330 379-3160 | Fax: | 330 761-0307 | ||||||||||||||||||||||||||||||
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