Frequently Asked Questions
How does CityWide define economic development finance?
Economic Development Finance Products are legal, non-traditional sources of capital available to eligible businesses and organizations who are making investments into our local Dayton economy. The size of the company and the project will determine the best financing tool to use; often projects involve additional financial participation from the private sector and the borrower. CityWide’s Financing Products are generally provided as debt and require a business to repay the loan on more favorable terms than conventional financing alone.
Do I need to get my loan approved from a bank first before I call CityWide?
Not necessarily. CityWide’s financial products exist to support and compliment conventional, often private-sector capital. We are typically funding the final “gap” needed to get a deal done. With this said a customer does not need to have a loan approved or declined before discussing your capital needs with a member of the CityWide staff. CityWide values relationships with private-sector lending partners throughout the Miami Valley region.
I am a minority-owned and/or woman-owned business. How does this affect my access to credit?
CityWide encourages the establishment and growth of woman and minority-owned businesses in the Dayton region. Many of our funding partners define woman and minority-owned companies as an important area for us to focus our business development efforts, in particular in increasing the ability to access capital. Any financing applicant must show the ability to service business and personal debt. Pricing models are consistent for all borrowers.
Define “small” business.
CityWide most often assists local closely–held companies that meet SBA size standards. The SBA defines a “small business” generally as a company with less than $15M in tangible net worth and a two-year average net income of $5M or less. Additional size standards can be based on the number of employees held by a company. Generally a company with 500 employees or less is “small.” Our economic development financing products may be able to assist a broader range of businesses in our region. Please contact us with additional questions related to size standard eligibly rules.
What do you consider a “start-up” company? Can I qualify for financing as a start-up?
A “start-up” is defined as a company with two-years or less of profitable operating history. This definition is consistent with SBA guidelines.
Please tell me about your credit requirements to qualify for financing?
CityWide’s financial products aim to increase access to capital for companies located in Dayton and in the region. A company must show us a credible plan for repaying the loan so that we will have funding available to serve other businesses into the future. Our credit analysts will evaluate the credit history for the business/organization, as well as any personal guarantors. Anyone who owns 20% or more of the company should expect to personally guarantee the loan. We look for sound credit history that shows obligations are paid on-time and that all existing obligations are current. If prior credit issues exist, we will want to work closely with you to learn more about the circumstances.