Requirements to Closing Small Business in Ohio

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					                            Troy Small Business Development Loan



Loans for
Expanding Your
Small Business




                            FACT SHEET
                            Program Description:
   City of Troy             The Troy Small Business Development Loan Program is a city administered revolv-
   Development              ing loan fund using local dollars. The program was designed to assist existing busi-
   Department               nesses that are expanding, but having difficulty securing traditional financing.

    James A. Dando          Requirements:                                Collateral:
           or               • Business employs not more than 50
    Gregg A. Harris                                                      •   Mortgage on land and building
                               persons                                   •   Lien on equipment
                            • Create at least one new job                •   Lien on business assets
       City Hall            • Acknowledgement of existing debt-          •   Personal guarantees
 100 South Market Street      holder(s) regarding SBD loan application
   Troy, Ohio 45373         • Maximum loan amount is $50,000
                            • Minimum loan amount is $2,000
                                                                         Eligible Use of Funds:
Telephone: (937) 339-9601   • Minimum of 12 months of business           • Purchase equipment or fixed assets
                              financials                                 • Leasehold improvements, including
    www.troyohio.gov                                                       construction
                            • $100.00 non-refundable application fee
                                                                         • Working capital
                            • 1.5% Closing Fee
                                                                         • Inventory and material purchases
                            Rate:
                            • 3.0%                                       Ineligible Use of Funds:
                                                                         • Debt refinancing
   Additional Fact Sheets   Terms:                                       • Intra-family or similar "non-arm’s-length"
      Available For:                                                       transactions
                            • Normally 1-5 years, matching the life
     EDRLF Program            of the asset                               • Payment of property taxes or assessments
                                                                         • Financing for a business that otherwise has
     Downtown Building      Typical Structure:                             the ability to finance with conventional
     Repair Program                                                        lending
                            • 90% - Troy SBD Program
                            • 10% - Owner Equity (new cash)
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posted:11/22/2010
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Description: Requirements to Closing Small Business in Ohio document sample