Eligible individuals and businesses can receive low-cost primary loans and forgivable loans worth up to 70% of qualifying project costs. The program is open to start-ups and existing businesses that want to move or expand into ground-floor commercial spaces.
Primary loans, with target interest rates between 2% and 4%, cannot exceed $300,000, and forgivable loans can be worth up to $50,000.
The loans seek to help small or new businesses cover the cost of machinery, building renovations or working capital, CityWide said.
Loan applications will be reviewed and approved or denied by a five-person committee that includes local residents and business leaders, CityWide said.
Applications are available on CityWide’s website (citywidedev.com). Paper copies are available in CityWide’s first floor lobby (8 N. Main St., Dayton, 45402). Paper applications can be picked up Monday through Friday between 8 a.m. and 5 p.m.
Applicants need to have documents such as a business plan and a financial forecasting model.
A full list of documents can be found on the last page of the application. Applicants also need to pay a $250 fee for every application, which can be paid by check.
Submissions are accepted online or by mail. Applications submitted online must be through CityWide’s website. Mailed applications can be sent directly to CityWide’s office.
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