SEE ALSO: CONTACTS, TECHNOLOGY BUSINESS GRANT, GREEN TECHNOLOGIES GRANT, AVAILABLE TECH SPACE, TAX INCREMENT FINANCING, VACANT PROPERTY INITIATIVE
Designed to help companies from across all industries grow and prosper, this program offers long term, fixed-rate financing at 4% interest. This provides a lower debt service on overall financing and can help a company aggressively pursue and execute on their growth strategy.
Loans for the ED program range from $35,000 to $500,000 and cannot exceed 40% of the total project's cost. Terms are typically 5-7 years on equipment and up to 15 years on land and building.
Borrowers are encouraged to use this program in association with other private and public funds in order to achieve optimal financial leveraging for their organization. The City will take a subordinated collateral position to a private lender, provided there is adequate collateral.
Photo Credit: "Old Stone Church vs Key Tower" by Clevelander Laszlo S. Ilyes
