Program Overview

The Enterprise Development Loan is designed to support business growth and expansion, encourage job creation, attract private investment, and enhance economic development. By offering loans to businesses at competitive rates, the program aims to strengthen neighborhood vitality and commercial activity in Toledo. The program’s ultimate goal is to invest in sustainable businesses that deliver strong economic returns while contributing positive social and economic benefits.

Program benefits include:

• Loans up to $90,000
• Below market, fixed interest rates
• Terms up to 5 years
• No pre-payment penalties
• No fees

All projects must comply with Federal Community Development Block Grant requirements.

Eligibility

Eligible Applicants

Eligible applicants must meet the following criteria:

• Be a for-profit business
• Operate in the City limits
• Registered with the State of Ohio, and the City of Toledo
• Operational and earning revenue for a minimum of 2 years
• In good standing with governmental entities. (i.e. current on income tax, property tax, utilities, code violations)
• Business and its owners have a satisfactory credit history
• Show consistent revenue streams, positive cash flow, and profitability
• Loans require collateral. Acceptable collateral includes real estate, equipment, and inventory
• A personal guarantee is required for owners 20% or more
• Create one full-time permanent W-2 job per $35,000 borrowed

Ineligible Applicants

Inegligible business types include, but are not limited to:

• Payday loan businesses
• Liquor and tobacco, and cannabis stores
• Pawn shops
• Firearm or other weapons dealers
• Adult entertainment

Eligible Expenses

Eligible expenses include:

• Machinery and equipment with a minimum life of three years
• Furniture and fixtures
• Inventory
• Working capital for general business operations (not to exceed 25% of the project’s total cost)
• Interior and exterior building renovations - minimum life of three years. (This type of project may require a Historic-Environment Review)
• Architectural, engineering and other professional services related to the business expansion