Business owners are encouraged to invest in their businesses through low-interest loans available from the City of Toledo’s Neighborhood Economic Development Loan (NEDL) program and Enterprise Development Loan (EDL) program. Parameters, conditions, and specifics vary with each program, depending on the amount borrowed and use of funds.
NEDL LOAN:
The Neighborhood Economic Development Loan (NEDL) is actually a loan pool from five different local banks and the City of Toledo that provides access to conventional credit sources to small, community-based businesses that might not otherwise qualify for commercial credit.
ENTERPRISE DEVELOPMENT LOAN:
Available through the City of Toledo, the Enterprise Development Loan (EDL) program encourages private lenders to provide credit to businesses experiencing difficulty in securing financing. Its primary goal is the retention and creation of jobs for low-to-moderate income residents of the city by providing term financing at attractive rates.
CRA TAX ABATEMENT:
This program provides tax breaks for new construction or rehabilitation of existing structures in Community Reinvestment Areas (CRAs). Residential, commercial, or industrial projects in designated CRAs are exempt from paying increased taxes resulting from new construction or improvements for a specified time period.
FACADE IMPROVEMENT GRANT:
This program provides an incentive for exterior improvements to commercial-use buildings in neighborhood business districts. The City of Toledo provides a reimbursement grant on eligible façade improvements with a maximum grant of $32,500 per storefront within any five-year period based on:
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a one-half (1/2) reimbursement grant for investments equal to or less than $15,000 |
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a one-third (1/3) reimbursement grant for investments greater than $15,000 but less than $75,000 plus a ten percent (10%) reimbursement for an investment greater than $75,000 and less than $150,000 |
A one-fourth (1/4) reimbursement is provided for roof repairs, landscaping, and parking lot improvements. This program also provides an architectural consultant to review the improvement concepts and offer advice. These design services are free to a maximum of seven hours of the consultant’s time.
For more information on any of these programs, contact United North via e-mail at: ljaegly@unitednorth.org or by telephone at (419) 255-8406, Ext. 304. |
