The initiative is a public-private partnership between the Lucas County Treasurer’s office and local banks. Under the program, small businesses who commit to create or retain jobs in Lucas County will receive low-interest loans at up to three percent below market rates.
The loans will range between $25,000 and $150,000 and target Lucas County businesses that have fewer than 150 employees and net annual sales of not more than $5 million.
“As a group, small business is the largest single employer in Lucas County,” said Kapszukiewicz, noting that about two-thirds of the new jobs created in the United States over the past three years were created by small businesses. “This program gives a boost to the small business men and women who sacrifice so much of their own time and money to grow our local economy.”
Business men or women interested in obtaining a loan through this program should fill out an application at any local bank branch, just as they would for a typical loan.
Eight local banks will offer loans 3% below market
All eight local banks who have depository agreements with Lucas County have agreed to participate in the program. They are: Charter One, Fifth Third, First Federal, Huntington, KeyBank, National City, Signature, and the Toledo Urban Federal Credit Union.
Kapszukiewicz praised the role being played by the financial institutions, who will assume the risk on the loans so there is no risk to the taxpayers.
“Our local banks have shown real leadership in making this public-private partnership a reality,” Kapszukiewicz said. “As County Treasurer, the strength of our economy is of great importance to me, and I intend to work with community and business leaders to support entrepreneurship and create good jobs in Lucas County.”