The Revolving Loan Fund (RLF) program offers low-interest loans to businesses in conjunction with bank financing.
RLF funds are used in the event that full financing cannot be obtained from a bank, or to fill the gap between the bank’s participation and the borrower’s cash contribution. The RLF program cannot provide 100% financing of a project.
Eligible businesses must meet the following requirements: be private-for-profit, located in the OMEGA region, must have suitable bank financing, meet all government requirements and must show full financing cannot be obtained from any other source.
The OMEGA Regional 166 Loan Program offers low interest, fixed-rate loans to private-for-profit businesses, in conjunction with bank financing. The 166 funds are used in the event that full financing cannot be obtained from a bank, or to “fill the gap” between the bank’s participation and the borrower’s cash contribution. The 166 loan program cannot provide 100% financing of a project.
If you would like more information on these programs, please email the fund administrator, George Dolney (gdolney@omegadistrict.org)
OMEGA Regional 166 Loan Program
- Funding Source – State of Ohio, Ohio Development Services Agency (ODSA)
- Eligibility – commercial, manufacturing , industrial, or distribution entities; refinancing and retail projects are not eligible
- 166 Loan Participation – approximately 40% of total project cost or a maximum of $500,000, whichever is less may be eligible
- Equity – no less than 10% equity required of applicant
- Use of Proceeds – acquisition of buildings, machinery, equipment and other fixed assets; construction, repair and renovation of facilities (prevailing wage applies to all construction and construction-related activities)
- Rate – fixed at/or below current market rates; to be determined upon approval by ODSA (includes .25% annual servicing fee)
- Term – up to ten (10) years for Machinery and Equipment; up to twenty (20) years for Real Estate
- Collateral – shared first lien with the participating bank
- Personal Guarantees – required of all owners
- Corporate Guarantees – required from related companies
- Key Man Life Insurance – required on key managers and/or owners
- Jobs – one full-time equivalent job must be created for every $50,000 of OMEGA 166 Loan program financing
- Borrower Incentives – low, fixed interest rate; and lower down payment (equity)
- Non-Refundable Fees – $500 Application Fee; 1.5% Processing Fee; .25% Annual Service Fee; Legal/Professional Fees (attorney, recording/filing fees, appraisals, closing costs, etc.)
Who is Eligible?
Any private-for-profit business in the expansion phase that will be or is presently located within the OMEGA region and will be creating full-time equivalent jobs. The OMEGA region includes the following counties: Belmont, Carroll, Columbiana, Coshocton, Guernsey, Harrison, Holmes, Jefferson, Muskingum, and Tuscarawas.
For more information on this program or assistance with the pre-application, please contact George Dolney 740-439-4471 ext. 203 (gdolney@omegadistrict.org).
Equal Credit Opportunity Notice
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided that the applicant has the capacity to enter into a binding contract); and because all or parts of the applicant’s income is derived from any public assistance program; or because the applicant has in good faith, exercised any rights under the Consumer Credit Protection Act. The Federal Agency that administers compliance with this law concerning this creditor is the Federal Trade Commission. If a person believes they were denied assistance in violation of this law, they should contact the Federal Trade Commission, Washington, D.C. 20580.
Nondiscrimination Statement
If you wish to file a Civil Rights program complaint of discrimination, complete the USDA Program Discrimination Complaint form found online at http://www.ascr.usda.gov/complaint_filing_cust.html or at any USDA office, or call (866) 632-9992 to request the form. You may also write a letter containing all the information requested in the form. Send your completed complaint form or letter to us by mail at U.S. Department of Agriculture, Director, Office of Adjudication, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410; by fax (202) 690-7442; or email at program.intake@usda.gov.
OMEGA is an Equal Opportunity provider and employer
Contact the OMEGA office if you would like more information on this program or email the fund administrator at: gdolney@omegadistrict.org
Traditional RLF program: Loan Application and RLF Fact Sheet
CARES ACT RLF program: Loan Application
The Road to Economic Recovery Begins Here (Information Sheet)
OMEGA RLF Committee Members – Secured Site
OMEGA Revolving Loan Fund Program
Any private-for-profit business either in the startup or expansion phase that will be or is presently located within the OMEGA region and will be creating or retaining full-time equivalent jobs. The OMEGA region includes the following counties: Belmont, Carroll, Columbiana, Coshocton, Guernsey, Harrison, Holmes, Jefferson, Muskingum, and Tuscarawas.
In accordance with Federal law and U.S. Department of Agriculture policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, religion, age, disability, or marital or family status. To file a complaint of discrimination, write USDA Director, Office of Civil Rights, Room 326- W, Whiten Building, 1400 Independence Avenue, SW, Washington, D.C. 20250-9410 or call 202-720-5964 (voice and TDD).