City of Toledo announces Toledo Business Growth Fund
TOLEDO, Ohio (WTVG) - The City of Toledo, the Economic and Community Development Institute and partners announced the Toledo Business Growth Fund on Monday.
The fund is designed to support business growth and neighborhood investment with a focus on job-creating manufacturing, distribution, commercial real estate development and service and retail businesses located in the City.
“This partnership between ECDI and the City’s Department of Housing and Community Development and Department of Economic Development will provide critical support to businesses in our community, with a focus on creating jobs and investing in our neighborhoods,” said Mayor Wade Kapszukiewicz. “This initiative will help to revitalize Toledo’s downtown and targeted areas. I encourage eligible businesses to take advantage of this opportunity and visit the TBGF website to learn more.”
According to the City, The TBGF will invest $10 million into Toledo neighborhoods, which includes $5 million from the Housing and Urban Development Section 108 Loan Guarantee Program, $4 million in funding from ECDI and $1 million of borrower equity.
The TBGF has two HUD national objectives: benefitting low-and-moderate-income residents through job creation or retention and housing occupancy.
The City says loan amounts can range from $300,000 to $2 million with permanent and interim financing options and competitive fixed rates for terms of up to 20 years.
“In the current environment of increasing interest rates and construction costs, the TBGF supports the critical need to provide additional flexible and competitive financing for job creation in Toledo, particularly in underserved neighborhoods,” said Rosalyn Clemens, Director of Housing and Community Development.
Eligible businesses must have three or more years of operations, and eligible uses include:
- Real estate acquisition
- Working capital
- Machinery and equipment
- Construction or preservation of commercial real estate
- Clearance and demolition
- Site preparation
- Capitalized interest and reserves
Small businesses are the lifeblood of our economy, and we’re thrilled to offer a new loan program that will help them thrive, especially during these challenging times,” said Brandon Sehlhorst, Director of Economic Development. “With flexible terms, competitive rates and personalized support, our program is designed to give small business owners the resources they need to achieve their goals and build a better future for themselves and our community.”
To learn more about the TBGF and its resources for local businesses, click here.
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