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Small Business Loans

GLCAP offers multiple loan programs that can help small businesses get off the ground, improve or expand. Loans are tailored to specific small business needs.



Child Daycare Loan Fund

This Child Daycare Loan Fund helps new and existing child day care facilities. Funds are designed to help create new daycare programs, expand or improve existing childcare facilities, and enable facilities to become properly equipped and licensed. Loans are offered in Erie, Hancock, Huron, Lorain, Lucas, Ottawa, Richland, Sandusky, Seneca, and Wood County.

The fund offers up to $25,000 loans at a rate of 2/3 the current prime (minimum 9%) at loan closing for licensed daycare facilities. Loans can be used for working capital, inventory, equipment, minor remodeling, and minor upgrading of facilities to meet licensing and code requirements. Loans cannot be used to acquire real estate, fund major construction, re-finance existing debt, or to create franchises. Loans have a maximum term of 5 years. A $50 application fee plus closing costs apply. A $20 late fee will be charged if payment is not received by the 10th of the month, and a $20 fee will be charged for insufficient funds.

Microenterprise Loan Fund

The Microenterprise Loan Fund helps new and existing small businesses with five or fewer employees to help business create jobs for low to moderate-income individuals. Loans are offered in Huron, Ottawa, Sandusky, Seneca, and Wood County.

The fund offers up to $10,000 for private for-profit businesses at the prime rate (minimum 9%) at the time of loan approval. The fund supports the purchase of furnishings or fixtures, machinery or equipment, supplies, inventory, vehicles, insurance, minor building improvements, and working capital.

Loans cannot be used to acquire real estate, fund major construction, refinance existing debt, or create franchises. Loans have a maximum term of up to 5 years. Business owners must document low-moderate income job creation and retention.

Income eligibility guidelines apply.

Targeted Business Loan Fund

The Targeted Business Loan Fund supports new and existing businesses with 50 or fewer employees that need small loans. Loans can be used to help businesses comply with environmental regulations through installation of new equipment; fund environmentally sensitive projects involving energy-saving manufacturing processes, use or manufacture of recycled materials, or develop new and emerging environmentally enhancing products; produce agriculturally based products; and help micro-business with potential to provide a new service or product. Loans are offered in Erie, Huron, Ottawa, Sandusky, Seneca, and Wood County.

The fund offers up to $30,000 for private for-profit businesses at 2/3 of the current prime rate (minimum 9%) at the time of loan approval. The fund supports the purchase of furnishings or fixtures, machinery or equipment, supplies, inventory, and working capital. Loans cannot be used to acquire real estate, fund major construction, refinance existing debt, or create franchises. Loans have terms of 3-10 years. A $50 application fee plus closing costs apply. A $20 late fee will be charged if payment is not received by the 10th of the month, and a $20 fee will be charged for insufficient funds.

For more information on GLCAP small business loans, call 1-800-775-9767.

Entrepreneurship in action

Entrepreneurship

We believe that small communities have the people and the power to be successful. GLCAP entrepreneurial programs focus on building community capacity to...

Small Business Loans in action

Small Business Loans

GLCAP offers multiple loan programs that can help small businesses get off the ground, improve or expand. Loans are tailored to specific small business needs.