Small businesses are the heart of Ohio’s economy, driving job creation, fostering community vitality, and sparking local innovation. To help these essential businesses thrive, we proudly introduce the CorFund Loan Guarantee Program, a groundbreaking initiative designed to empower non-profit lenders supporting Ohio’s smallest businesses.
THE HEART OF OHIO’S SMALL BUSINESS GROWTH
Small businesses are vital to Ohio’s economic success, but the non-profit lenders that provide them with capital often need support, too. That’s why we developed CorFund, a loan guarantee program tailored specifically for non-profit lenders that serve small businesses. In Latin, “Cor” means heart, and CorFund is at the heart of our mission to ensure these businesses have the financial resources they need to grow and succeed.
WHY CORFUND?
Unlike traditional loan guarantee programs that primarily serve large banks and for-profit lenders, CorFund is designed for non-profit lenders who work directly with Ohio’s smallest businesses. These organizations are critical in helping entrepreneurs secure funding when traditional lenders might consider them too risky.
- Loan Guarantee: CorFund guarantees up to $30,000 of the principal balance for loans ranging from $5,000 to $250,000.
- First Loss Guarantee: CorFund provides non-profit lenders with a first-loss guarantee, ensuring they are reimbursed before any collateral is liquidated, offering confidence and security to extend loans.
- Simple Enrollment: Non-profit lenders are pre-vetted, allowing for fast and efficient loan enrollment once approved.
WHY CHOOSE CORFUND?
CorFund is more than just a financial product; it’s a lifeline for Ohio’s small businesses and the non-profit lenders who support them. By providing a first-loss guarantee, we give lenders the confidence to extend loans to businesses that might be considered too risky under traditional lending criteria. This means more small businesses can access the capital they need to grow, create jobs, and strengthen their communities
HOW TO GET STARTED
Are you a non-profit lender in Ohio looking to take the next step?
- Contact OSDC to apply.
- Get approved and pay the annual program fee.
- Start enrolling loans and providing your borrowers with the security they need.
CorFund: A Trustworthy Partner
Backed by the Ohio Statewide Development Corporation, CorFund is assured by an organization dedicated to fostering economic growth across the State. OSDC has a strong track record of supporting small businesses with tailored financial solutions, and CorFund is the latest innovation in our commitment to Ohio’s economic future