Minority Financial Incentives >> Minority Direct Loan Program

Terms

The term on the Minority Direct Loan will be based upon:

• The useful life of the assets being financed
• The term of the bank loan in the project

The term on a Minority Direct Loan cannot exceed 15 years for real estate financing, or 10 years for machinery financing.** The Minority Direct Loan term cannot exceed the term of the bank loan.

** Guidelines used by the Office of Minority Financial Incentives normally limit the loan amount to $450,000. However, the Director of Development may authorize a higher loan amount or modified terms which address a unique and demonstrated economic development need.

• Program Summary
• Use of Funds
• Eligible Borrowers
• Amount of Minority Direct Loans
• Interest Rate
• Terms
• Private Financing Requirements
• Collateral/Security for State Loan
• Fees
• Prevailing Wage
• Criteria for Loan Application Evaluation
• Steps in Applying for Ohio Minority Direct Loan Financing