Summit County revolving loans for start-ups and small businesses
AKRON, Ohio – Summit County offers loans to help start-ups and small businesses with launch. The Summit County Revolving Loan Fund, offered through the Community Development Block Grant, provides businesses with $ 10,000 to $ 50,000 in working capital for fixed assets. As the loans are repaid, money is released for additional projects.
Secured by a loan agreement and a note, the average loan is three years at five percent interest. Each loan must create one full-time low to moderate income employee for every $ 25,000 borrowed.
âJob growth and economic development in Summit County are some of the key areas of focus where we continue to devote considerable work and energy,â said Ilene Shapiro, Summit County Manager. , in a press release. “County business resources such as the revolving loan fund are just a few of the tools we have available to help businesses start and grow in Summit County.”
Puneet Singh, Founder and CEO of P3 infrastructure in Twinsburg received a revolving loan from the county in 2014. P3 produces polymer solutions to strengthen and improve new and existing infrastructure, such as road surfaces, bridges and pavement markings for improved safety.
The $ 50,000 working capital loan allowed the start-up to survive its infancy at a time when the global economy was still recovering from the Great Recession. Since then, P3 has grown from two to five full-time employees and is now planning to build a small manufacturing facility in Stow.
âThe P3 loan received from the Summit County Revolving Loan Fund has helped us address the critical issue of start-up financing and kept us from damaging our credibility in the market, which is necessary for a business trying to s ‘establish,’ Singh said in the statement. . âP3 was made aware of this resource through direct contact with Summit County, and with quick responses and minimal bureaucracy, was able to receive the funding it urgently needed. “
Shapiro said that “Singh’s success story is a testament to proactive and economically driven partnerships.”
To learn more about the Summit County Revolving Loan Fund, visit Summit County Website.
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