CityWide

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CityWide’s Revolving Loan Funds provide gap financing for fixed assets and permanent working capital to business located in the City of Dayton.

 

Eligible Loan Uses

  • Real estate acquisition
  • New construction*
  • Renovation of existing buildings*
  • New and/or used machinery and equipment acquisition
  • Permanent working capital

 

The Benefits

  • Low down payment
  • Gap financing

 

Typical Gap Financing Loans Structure

  • 60% bank or other private lender
  • 30% CityWide Direct Loan
  • 10% owner’s equity injection

 

Maximum Loan Amount

  • $200,000
  • $25,000 of CityWide loan dollars per job created or retained

 

Term

  • Fixed asset: Useful life of asset up to 10 years
  • Working capital: Up to 3 years

 

Rate

  • Rates are determined by the assessed risk

 

Fees

  • $250 application fee
  • 5% origination fee
  • 1% deposit due upon acceptance of loan commitment to cover out-of-pocket closing costs – i.e. legal, title, recording, etc.

 

*Davis-Bacon prevailing wage requirements may apply