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Economic Development Loan Program

Guidelines

  1. The City of Cuyahoga Falls has budgeted funds annually to be available to industrial/commercial users for personal or real property improvements and for working capital costs in the form of low interest loans. The industrial/commercial user must be located in an employment zone and create one (1) job for every $35,000.00 borrowed. The CDBG Entitlement Administrator must be able to qualify the project as a low/moderate job creation activity as established by the US Dept. of Housing and Urban Development.
  2. A low interest loan is defined to be a maximum of 30% of the funds available for the project. The loan will be amortized over a period of at least eight (8) years but not more than fifteen (15) years and have an interest rate of prime rate minus 1% but not less than 3%.
  3. The maximum amount loaned to any one-property owner in one calendar year will be $140,000 unless excess funds are remaining after the program period and the minimum loan amount is $35,000.
  4. Loans will require a regular monthly or quarterly payment. An application fee of $250 shall be due at the time an application is submitted. The application fee will be applied to such costs as application processing, credit report, title report and recording costs as incurred.
  5. Loan applications will be considered in the order the Department of Community Development receives them. Businesses will receive loans in the order they are approved until the budgeted funds are depleted for the calendar year.
  6. The loan must be reviewed and approved by the CDBG Loan Committee before a building permit is issued. No project under $35,000 (total cost) will be considered. The CDBG Loan Committee may request lease documents, mortgage information or other information they deem appropriate before approving a request.
  7. The applicant must submit a detailed project description and project budget. The CDBG LOAN COMMITTEE will make every effort to consider a request within sixty (60 days) of submittal to the Community Development Department. The project must begin within ninety (90) days of receiving approval.
  8. A check for the loan amount will be delivered to the loan applicant within 15 business days of receipt of all required loan documents. The CDBG Loan Committee may request cancelled checks, lien releases, or any other information they deem appropriate in addition to the quarterly job creation reports. The CDBG LOAN COMMITTEE reserves the right to withhold payment if the renovations are not consistent with the approved plans.

April 2010

Last changed 10/29/2010 - 2:14pm by webmaster