The RLF funds must be leveraged with other funds, consisting of either private financing, equity capital, or a combination of the two. The RLF cannot exceed 49% of the entire loan package. For projects requiring larger amounts, the applicant is directed to contact the City of Portsmouth, Community Development Department, by email or calling (740) 354-5673.
The RLF funds can be utilized for the following primary uses:
- Buildings and real estate
- Capital equipment
- Working capital
Other secondary uses are allowed with the approval from the RLF Loan Committee.
Loan funds may not be used for certain items which include but are not limited to the following:
- Restructuring debt
- Expenditures prior to loan approval
- Residential building construction or reconstruction
- Financing of a project involving the relocation of an industry or business from one area of the state to another without the approval from the State of Ohio
Interest Rates & Terms
The interest rate used for the loan will vary. The rate for each particular applicant will depend on the company’s financial condition and its ability to maintain an adequate profit. The term of the loan will be determined by the needs of the applicant, generally not exceeding 10 years.