County introduces revolving loan fund

With $ 3.25 million in secured funds, the Delaware County Board of Commissioners announced that starting Monday June 22, small businesses in the county affected by the COVID-19 pandemic will be able to file loan applications . The application for the revolving loan fund of the district is available at https://BSBDelCo.com or by contacting Kelsey Scott at 740-833-2107.

Powell-based Buckeye State Bank administers the program, which provides loans between $ 10,000 and $ 25,000 over a five-year term. The loan amount can be up to six months in rent, mortgage and / or utility payments. The interest rate is 4% with a $ 1,000 fee added to the loan amount. Only interest payments are required for the first six months of repayment. The review and approval of loan applications does not take longer than 10 working days.

The fund was developed by the commissioner appointed Delaware County Economic Recovery Advisory Team. A special committee was then formed to review and approve the loan applications. Members of this committee include Michael Frommer, Delaware County Board of Directors, Bob Lamb, Delaware County Director of Economic Development, and four county officers: Liberty Township Trustee Shyra Eichhorn, Orange Township Trustee Ryan Rivers, and local businesspeople Don Rankey and David Stadge.

Delaware County officials, including Court Secretary Natalie Fravel, contributed $ 2.5 million to start the fund. The Delaware County Finance Authority, Orange Township, and Liberty Township each contributed $ 250,000. The committee continues to seek additional contributions to the fund.

“The revolving fund loan is something we need to move forward quickly because every moment is important to these business owners,” said Eichhorn. “This is one of the pivotal moments we empower and demonstrate the importance of investing in the well-being and future of the community.”

Barb Lewis, Delaware County Commissioner added, “Small businesses are the backbone of our county’s prosperity. The creation of this important statewide fund gives these companies a low-interest, easy way to access much-needed local funding for rebuilding and growth. “

Buckeye State Bank Co-Founder and CEO Shawn Keller said, “The Revolving Loan Fund is a wonderful example of how the public and private sectors can work together to serve our community at all times, but especially in times of need . “

Keller added, “As a locally run community bank, we are passionate about the concept of serving our neighbors by accepting local deposits and giving them back to local businesses and consumers, and with the tremendous dedication of our local communities. This program illustrates this purpose and we are honored to be a part of it. “

For more information on Delaware County’s response to the economic impact of the COVID-19 pandemic, please visit: https://economicdevelopment.co.delaware.oh.us/covid-19/.

Submitted by Delaware County.

Source link

About Alexander Estrada

Check Also

CT needs emergency loan to pay for unemployment

After the Connecticut Unemployment Fund has paid billions of dollars in benefits since the coronavirus …

Leave a Reply

Your email address will not be published. Required fields are marked *