Qualifying local businesses are given out low-interest loans. This is happening in Delaware as more federal money is being made available. Administered by the State Department of Development, loans are made available to counties and cities so as to help boost new projects.
As a part of federal community block-grant program, few businesses look for loans that can provide coverage for up-to half the cost of projects so as to help employ low to moderate income people. This is part of Federal grant program and Delaware County’s fund for $1.3 million.
Development department want counties and cities to have $100,000 of fund in hand. The state records show that Delaware County has $960,000 in its account while Delaware City has $490,000. The participating central Ohio counties had lesser funds. Fairfield County possessed $50,000, Licking County had $44,000.
Matt LaMantia, says, “It’s not truly revolving if the money’s coming in but not going out.” Cities and counties can apply for a waiver if they are using the fund for any other purpose. The money received can support low- to moderate-income people in every respect and address issues concerning blighted areas. LaMantia comments, “”When communities know it’s a ‘use-it-or-lose-it’ situation, they use it.”
Just previous year 78 waivers made it possible to convert loans to grants. This included Delaware County having 10 projects that totaled $682,000. Statewide, 44 counties and cities found $3.7 million as waivers. In Delaware County, grants were provided to please families. This included $5,500 for buying a van for Family Promise and $200,000 went for the rehabilitation of two Central Ohio Mental Health Center sites.
Grants are provided to assist low- or moderate-income people and for capital improvements so as to enable organizations purchase vans, fire-trucks, etc. From the end of last year, Delaware City’s account had grown nearly $600,000. Also, city of Powell utilized the loan program to rehabilitate an old fire station as it received $100,000 for the purpose.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to