Ohio Ag Connection - Loan Funds Available for Small Businesses

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Loan Funds Available for Small Businesses
Ohio Ag Connection - 02/05/2016

Are you a local business operator thinking of either expanding their existing business, or starting a small business enterprise?

The Buckeye Hills Resource Conservation and Development (RC&D) Council has funds available for small businesses in the nine-county region of the RC&D. Counties eligible for participation include Athens, Belmont, Hocking, Meigs, Monroe, Morgan, Noble, Perry and Washington. The RC&D is a regional non-profit organization focused on rural community and economic development, natural resources protection, and enhancing the quality of life in southeast Ohio.

So often the big banks are reluctant to take risk on start-up businesses. A revolving loan fund is one option small business owners can use to build and expand their business, and also build a financial and credit history.

According to Robert First, executive director with the RC&D Council, funding is available to existing and start-up businesses as long as it has a tie to job retention, job creation, or expanded job duties for existing employees. The funding can be used to purchase equipment, increase inventory, or other items that will help the business grow and expand employment. A loan amount of up to $15,000 for each job affected is available, up to a maximum of $50,000. A five-year, fixed loan interest rate of 4% is available to qualified borrowers. As an example, borrowing $15,000 for a 5 year term would amount to about a $300 per month payment.

Applicants must have a business plan that supports and clarifies what the business is about. A business plan is an important step in the success of developing or expanding a business. Sample business plan outlines can be found on the internet. Assistance is also available with this step from the Ohio Small Business Development Center offices located in our region.

Other required information includes previous years' tax records and other supporting documentation that helps support the business application.

The initial step is to contact the RC&D office in Marietta to get further information and an application packet. Call (740) 374-6655 or email buckeyehillsrcd@yahoo.com.

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