In an effort to continue the bolstering of small businesses, the Ohio Development Services Agency has loaned $10 million to Appalachian Growth Capital — Ohio’s newest community development financial institutions fund (CDIF) makes loans to help start and grow businesses in Appalachian Ohio.
The coronavirus (COVID-19) pandemic affected thousands of small businesses in the 32-county region of Appalachian Ohio significantly. Now, those seeking loans to help sustain their business or pay employees may do so up to $500,000 as part of the Appalachian Growth Capital and ODSA’s partnership.
AGC has issued small business loans for a variety of industries. To date, AGC has supported the following industries:
Meat Processing: $550,000
Downtown Investment Real Estate: $927,000
Tool Manufacturing: $35,000
Oil/Gas Service: $750,000
Servicing Company: $290,000
AGC gives more information on the relationship between lender and those accepting the loan if businesses do find themselves applying for one of their small business loans:
“AGC can fill the gap credit loan needs between lenders and what businesses need for start-up, expansion, or balance sheet restructuring. Funding growth can be a challenge for businesses but AGC understands that supporting business creates jobs and strengthens communities by growing the local economy. AGC’s flexible terms can help businesses that have a hard time qualifying for conventional lending. CDFIs are 28% more likely to approve loans to companies than small banks and 71% more likely than large banks. Numerous studies show that access to credit is one of the top issues that prevent business startups and impede small company growth.”
Businesses can learn more and apply at: https://appcap.org
Reach Jacob Smith at (740) 353-3101 ext. 1930, by email at [email protected], or on Twitter @JacobSmithPDT © 2020 Portsmouth Daily Times, all rights reserved