Applying Is Easier Than You Think!
Do you need financing for land, buildings or equipment? Have you thought about an OSDC loan but are concerned the “red tape” is too much? Don’t be afraid – just be prepared! If you’ve kept reasonable records over the years (tax returns, financial statements, etc.) and your business is healthy, then the application process for an OSDC loan may be less cumbersome than you think.
What are the Benefits of an OSDC Loan?
- Interest rate is fixed and generally lower than bank rates.
- Terms are 10 or 20 years depending on collateral; shorter terms for equipment available.
- Provides funding up to 40% of total project costs.
- Typically only requires 10% equity injection.
What are the Steps to Apply for an OSDC Loan?
- Contact OSDC to arrange for a visit to determine eligibility for loan.
- Submit business and personal financial information to OSDC (many times this is already available from your bank with your consent).
- OSDC reviews your request, conducts a credit analysis and forwards proposal to OSDC Board for approval.
- OSDC Board reviews and recommends approval of loan.
- OSDC prepares an application package and submits to either the US Small Business Administration (SBA) or the State of Ohio Development Services Agency (ODSA).
- If approved by SBA, a 504 loan commitment or authorization is issued.
Little Known Fact: The above steps can be completed in as little as 30-60 days from the initial contact with OSDC to final approval!