TOLEDO — Leveraging its experience in managing various financing programs throughout the state, the Toledo-Lucas County Port Authority has launched its Revolving Loan Fund to assist eligible businesses throughout Lucas, Ottawa, and Wood Counties in Ohio. The Revolving Loan Fund will address a regional weakness in access to capital and support the overall goals of the Comprehensive Economic Development Strategy for the region, as one job will be created or retained for every $50,0000 distributed.

“We look forward to partnering with local entities to deploy these funds across Northwest Ohio and help businesses retain and create jobs throughout the region,” said Thomas J. Winston, President and CEO of the Toledo-Lucas County Port Authority. “The Revolving Loan Fund will address a regional weakness in access to capital, and we are pleased to announce we are currently accepting applications for funding from our local business community.”

In February 2021, the Port Authority received a $2.4 million CARES Act Recovery Assistance Grant to create a Revolving Loan Fund, which was matched with $600,000 in local investment in establishing a $3 million loan fund.

Benefits of the program include:

Loan amounts between $10,000 and $300,000

Targeted fixed interest rates: 4% OR 75% of the prime rate

A term of 5 to 10 years for equipment loans; and a term of 10 to 20 years for owner-occupied commercial real estate loans

For more information visit https://www.toledoport.org/services/energy-finance/revolving-loan-fund/