The City of Newark announces the availability of grant funds through the 2014 Small Business Loan Guarantee Program.
The City of Newark Development Department and Park National Bank have partnered to create a citywide Small Business Loan Guarantee Program for small, for-profit businesses located in Newark, Ohio. In order to make loans more readily available, the City will use funding to offer loan guarantees on various types of business loans provided by Park National Bank. Applicants are not limited in the type of projects to which the loans may be applied.
The program is intended to encourage economic development through the establishment of new businesses and growth of existing businesses. Loan proposals with a positive effect on job creation and retention, the abatement of building deterioration, and service to low-moderate income individuals will be viewed most favorably by the Development Department. Loan proposals must be consistent with federal, state, county, and local regulations including zoning, building, health and safety codes. The approval of applications will be determined at the discretion of the City of Newark Development Department.
The loan guarantees offered by the Development Department shall range between $1,000 and $5,000. The loan guarantee shall cover a maximum of 25% of the loan provided by Park National Bank. For the purposes of this program, the loans offered shall range between $4,000 and $50,000.
The City of Newark has issued a request for applications beginning on July 28, 2014 and ending on December 19, 2014 at 4:30 p.m.
Please make note of the following requirements:
- Businesses must be for-profit entities.
- Businesses shall have between zero and fifty existing employees.
- Businesses must be located in the City of Newark.