Ohio Regional 166 Loan Program
Designed to Help Businesses Grow
The Ohio Regional “166″ Loan Program assists growing businesses in acquiring machinery, equipment and real estate through a partnership between business owners, conventional bank financing and HCDC.
The Ohio Regional 166 Loan is an attractive, fixed-interest rate loan with a lower down payment. The Program offers up to a 15-year term for real estate and up to a 7-year term for machinery and equipment (unless appraised for a longer life). Monthly payments are lower, so businesses can keep their cash for working capital. There is NO prepayment penalty. With over 20 years of experience with the Ohio Regional 166 Loan Program, HCDC’s team of experts will make the process simple for businesses and lending partners.
How Does It Work?
HCDC has been selected by the Ohio Development Services Agency to offer Ohio Regional 166 Loans throughout Ohio. The borrower must contribute at least 10% of the project cost in cash. HCDC provides up to 40% of the project cost up to a $500,000 loan. A private lender provides the balance on a shared first lien basis.
Example – $500,000 Project
|$250,000||50%||Bank, S&L||Shared 1st Lien|
|$200,000||40%||HCDC||Shared 1st Lien|