Revolving Loan Funds
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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
- $500 application fee
- 1.5% 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