Quick Reference  |  Summary

Direct 166 Loan Program Servicing

Purpose

The Direct 166 Loan provides loans for land and building acquisition, construction, expansion or renovation and equipment purchases for eligible businesses.

Program

The Direct 166 Loan Program (Direct 166 Loan) provides capital for expansion projects to companies that have limited access to capital and funding from conventional, private sources of financing. Priority may be given to eligible projects based on job creation and payroll commitments, fixed asset investment commitment, project return on investment, project location and other project factors.

For Whom

Eligible projects include those related to commerce, manufacturing, distribution or research activities in targeted industries. Retail projects and refinancing are ineligible for the program.

Program Contact

JobsOhio and the JobsOhio Network, the state's economic development organization, are responsible for the marketing, initial company contact, and company application process through loan approval. Companies interested in finding out more about the program or discussing a potential project that may qualify for the Direct 166 Loan Program should click here to be directed to JobsOhio' s webpage.

The approved loans are managed by the Ohio Development Services Agency. Responsibilities include: involvement in the loan closing process, drafting loan agreement amendments, disbursement of funds, collection of repayments, upholding the terms and conditions of the loan agreement, reviewing annual jobs reports and providing technical support to existing borrowers.

Existing Direct 166 Loan Support Inquiries: Veronica McDaniel, (614) 466-4302

How Much

The program may finance allowable project costs with Direct 166 Loans typically ranging in size from $500,000 to $1,500,000. Total financing from State programs should typically range from 20 percent to 40 percent of a project's total investment.