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Published byAlan Chandler Modified over 9 years ago
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The Northwest Ohio Manufacturing Forum
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Four Financing Programs and Projects Fixed Interest Rate Bond Program Stand-Alone Bonds U.S. SBA 504 Loan Program Ohio 166 Regional Loan Program 305 projects $1,108,447,464 direct financing Nearly 16,000 jobs created and/or retained
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Fixed Interest Rate Bond Program Completed 56 $202 million+ $7 million maximum BBB interest rates
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Purpose of the Program Provide access to investment grade financing for small to mid-size companies Make long-term fixed rates available Create jobs and investment in community
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Eligible Borrowers Infrastructure projects; Tax Increment Projects (TIFs) Special Assessment Projects Non-profit or 501c(3) entities; and Governmental borrowers
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Eligible Projects Renovation & acquisition of existing buildings Construction of new buildings Acquisition of land Non-specialized equipment; and Financing and other soft costs
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Program Benefits and Financing Terms Fixed rate (Up to 30 years for governmental, infrastructure or non-profit borrowers; 20 years for industrial and commercial loans) Construction and permanent financing Close within 60-90 days Requires prevailing wages for construction projects
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Partnerships The Port Authority has partnered with the OMA, First Energy, the Port of Cleveland and the Summit County Port Authority in order to help finance manufacturers.
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Woodsage
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Nagle Trucking
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Stand-Alone Bonds Completed 41 $850 million No maximum dollar limit Anywhere in Ohio
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Owens Corning
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Crocker Park
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Dana Technology Center
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Levis Commons
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General Motors
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U.S. SBA 504 Loan Program Completed 106 $39 million Fixed Assets only
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U.S. SBA 504 Loan Program Typical Structure: 50% bank or non-bank 40% SBA – 2 nd position 10% equity 1 job created/retained for every $65,000 borrowed
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U.S. SBA 504 Loan Program “Small” Business 500 employees or less Less than $15 million tangible net worth Less than $3 million average net income over last 2 years
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U.S. SBA 504 Loan Program Normal Maximum $5 million Manufacturing $5.5 million
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U.S. SBA 504 Loans Restaurants Hotels Convenience Stores Realtors Marina Bowling Alley Movie Theater
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U.S. SBA 504 Loan Program 10-year interest rate – 3.69% 20-year interest rate – 4.52%
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Allshred
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PizzaPapalis of Toledo
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Ohio 166 Regional Loan Program Completed 102 $17 million Fixed Assets Only Up to 40% of project costs Maximum of $500,000 1job retained/created for every $50,000
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Ohio 166 Regional Loan Program Fixed Interest Rate Term up to 15-years Currently: 3.5%
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DMC Technology, Inc.
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Bollin Label
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Bottom Line Call the Port Authority! Lisa Wagner Director of Financing Programs Laurie Cantrell Loan Program Manager 419.243.8251
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