- Phone: (614) 645.6171
The 166 Direct Loan Program (166 Direct Loan) promotes economic development, business expansion and job creation by providing financial assistance for allowable costs of eligible projects in the State of Ohio.
The Ohio Department of Development’s (Development) 166 Direct Loan provides lowinterest loans to businesses creating new jobs or preserving existing employment opportunities in the State of Ohio.
Loan Amount: Up to $500,000 (with permission from State of Ohio)
Interest Rate: Fixed rate of 2/3 of prime + .25 percent servicing fee
Loan Term: Up to 15 years
Private investment: Bank at least 50 percent
Equity: Ten percent of total project
Collateral: Share lien position with bank, Real Estate (can be in 2nd position with 1 percent premium)
Purpose/Use of Loan: Acquisition of Real Estate/Large Equipment
Prevailing Wage: No
Job Creation: One job for every $50,000
Loan Committee: External
Contact: Community Capital Development Corp. at 900 Michigan Ave. Columbus, OH 43215, or (614) 645.6171, or www.ccdcorp.org.