Ohio 166 Regional Loans

Ohio 166 Regional Loans 2017-04-04T21:26:44+00:00
166 Application & Forms
Uses
  • Purchase land and construction of new buildings
  • Purchase and renovate existing buildings
  • Purchase/install machinery and equipment
Ineligible
  • Retail
Typical Financing Structure – Shared First Lien on Mortgage
  • Commercial Bank 50%
  • Ohio 166 40%
  • Borrower Down Payment 10%
Second Mortgage or Lien
  • Commercial Bank 60%
  • Ohio 166 30%
  • Borrower Down Payment 10%
No Bank Participation
  • Ohio 166 75%
  • Borrower Down Payment 25%
Loan Term
  • Up to 20 years on real estate
  • 5 to 10 years on equipment
Interest Rate (Fixed)
  • Prime or lower
Loan Limits
  • $50,000 minimum
  • $500,000 maximum
Collateral
  • Shared first with bank on project assets or second position on project assets
  • Personal guaranty of 20% or greater company owners
Fees
  • 1% of Ohio 166 Loan – shared first
  • 2% of Ohio 166 Loan – second position
Loan Processing
  • 2-3 weeks
  • “Go Forward” letter available before final approval (if requested) State of Ohio
Areas Serviced
  • Northeast Ohio/Ohio
Job creation/retention requirements
  • New job creation required; not tied to specific dollar amount

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166 Application & Forms

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