The City of Delaware has opened a $300,000 revolving loan fund to bolster the city’s small businesses. Any business (or business owner) within city limits is eligible to apply for the low-interest loan program. The fund will be administered by Economic and Community Development Institute (ECDI), a community microlender that is headquartered in Columbus and serves small businesses throughout the state of Ohio.
In a time when a majority of small businesses – even those with a long, stable history – are struggling due to the economic shutdown caused by COVID-19, access to capital can be a sustaining lifeline. Borrowers can request up to $25,000 from the City of Delaware fund, and can access ECDI’s portfolio of funds for additional capital up to $350,000* for their total loan. Funds can be used for any business purpose, including payroll, inventory, renovations or other.
Loans of 0-25K will be funded at 3% rate. Loans of 25-50K will be funded at 5% blended rate. Beyond that, your business will work with ECDI to get the best rate they can or will seek financing from other entities of your choice.
To apply, please visit https://www.ecdi.org/small-business-loans/ or click on the link below. For further questions, please reach out to Aaron Cornell at (614) 559-0196 or by email, ACornell@ecdi.org.
* Any loans over $25,000 will come from City funds plus a variety of other ECDI partner sources.