Business owners are encouraged to invest in their businesses through low-interest loans available from the City of Toledo. Parameters, conditions, and specifics vary with each program, depending on the amount borrowed and use of funds. Here are some options:
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.
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. |
