In today's economy, business owners are reporting that it is becoming more and more challenging to find secure financing for projects and expansions. The economic development team at CityWide Development Corporation, a partner of the Dayton Business Resource Center, is happy to help business customers with creative financing opportunities. Below are brief descriptions of many of CityWide's programs.
To find out more about these and other options, and to submit applications, click here.
City of Dayton businesses can take advantage of the Direct Loan program for a variety of projects including real estate acquisition, new construction, or renovation; business acquisition and mergers; machinery and equipment acquisition; and working capital. Benefits of the program include a low down payment, reduced interest cost, no prepayment premium, and quick turnaround time on the approval process.
Companies in the Dayton region can take advantage of great savings by leveraging the benefits of the SBA 504 program, a unique lending partnership between conventional lenders (e.g. banks and credit unions) and Certified Development Companies, like CityWide. Typically financing 40% of a project, the SBA 504 generally requires only 10% down payment of equity from a company or a business owner. Interest rates are fixed for either 10 or 20 years.
The NBAP program is offered to City of Dayton businesses with annual revenues below $1,500,000. NBAP loans are able to fill gaps up to $50,000 with low fixed interest rates of 5% and as low as 3% in targeted corridors. This program can be utilized to finance real estate acquisition, new construction, and renovation; business acquisition and mergers; machinery and equipment acquisition; and working capital.
EOIC provides capital in wide array of creative lending alternatives to area businesses. It is our most flexible program, offering the potential to fill gaps in various scenarios that secure financing for projects and for growth. Loan structures could include mezzanine debt, subordinated debt, and the availability of equity capital.
Companies located on the Well Field Protection Area are able to obtain loans that are forgivable or with 0% interest. Project or businesses that reduce or abate risk to the groundwater supply via chemical inventory reduction or environmental remediation and protection would qualify.
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