Enterprise Development Loan Program (EDL)
What is it for?
- New Construction
- Renovations of existing buildings
- Fixed asset acquisition
- Inventory
- Working capital
Who can apply?
- Businesses must be located within the City of Toledo.
What is the financing structure?
- 57% Private Lender
- 33% City Program
- 10% Owner equity
How much can I receive from the City?
What are the terms and interest rate?
- Up to 7 years; 4% interest rate
What does the City require?
- Create 1 job for every $10,000 received from the City.
What is other benefits?
- Lower down payment
- Below market interest rate
What do I have to do to apply?
Neighborhood Economic Development Loan Program (NEDL)
What is it for?
- New construction
- Renovation of existing buildings
- Fixed asset acquisition
- Inventory
Who can apply?
- Small community-based businesses must be located in the designated business districts within the City of Toledo.
- Start-up businesses may also apply.
What is the financing structure?
- 62% local participating bank
- 33% City
- 5% Owner equity
How much can I receive from the City?
What are the terms and interest rate?
- Up to 5 years; blended interest rate
What does the City require?
What is other benefits?
- Contributes to neighborhood stability/revitalization
What do I have to do to apply?