SMALL BUSINESS LOAN program
The MOVRC loan programs have disbursed a combined total of over $17 million since the inception of the programs. Those funds have leveraged more than $54 million in other public, private and owner’s equity funds. The program is successful due to the level of support from with economic development authorities and the MOVRC loan committee. Money is not just simply lent upon request; efforts are focused on making sure businesses can succeed. The loan committee confirms that businesses are ready to accept the money and use it for growth and additional revenue creation, not just allowing it to become another debt. The goal is to help businesses to grow by nurturing them and helping them realistically plan for the future.
The revolving loan program offered by the Mid-Ohio Valley Regional Council is “the most valuable tool I have at my disposal.”
-Economic Development Authority Director
The MOVRC encourages the business owners to attend business training to assure that the fledgling businesses that borrow money have the skills needed to succeed. Such training is offered through the Small Business Development Center.
To date, loans have been responsible for helping save a number of existing businesses and assisting others with critical start up funds. Without the MOVRC loan programs, a number of businesses would have closed their doors and a number of others would never have found the funding to begin and succeed.
The loans offer different possibilities, giving the lender more flexibility in how monies are secured and in the terms offered. It is many agencies working together to help businesses succeed. The revolving loans are usually made at a lower interest rate than conventional commercial loans. Yet, the MOVRC often partners funding with loans from local banks, each providing a portion of the loan package. This results in a lower ‘blended rate to the borrower.’ It also allows banks to help finance businesses that would not be funded if they were the sole lender. The MOVRC programs are not an option if the business can obtain full financing through a financial institution such as a local bank or credit union.
The MOVRC loan programs were started with a variety of funding through USDA, US-Department of Commerce, Appalachian Regional Commission, WV State programs as the Microloan and State Small Business Credit Initiative. The loans do carry some government restrictions. For more information and to begin an online application, follow the links below or contact someone on our team.
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