Loan funds available for area small businesses
By John Kellis
Executive Director
Ohio Valley RC&D Council
The last few years have been difficult ones across southern Ohio, for the economy in general and small businesses in particular.
As the economy begins to slowly reawaken, a number of entrepreneurs are considering whether to start a new business or to expand an existing operation.
Many times banks are reluctant to take a risk on a fledgling business, particularly a business start-up.
A Revolving Loan Fund is one way a business person can leverage their experience and hard work to expand the storefront, service, or product they provide.
The Ohio Valley RC&D Council established its revolving loan fund for that very reason, to help businesses grow and create or improve jobs.
The fund has been in existence for some 12 years and has assisted more than three dozen companies expand and grow.
The council operates in a 10-county region that includes: Adams, Brown, Gallia, Highland, Jackson, Lawrence, Pike, Ross, Scioto, and Vinton Counties.
The RC&D is a regional non-profit focused on economic development, natural resources conservation, and rural development.
Funding is available for existing or start-up businesses as long as the loan will result in a job retained, a job created, or expanded duties for an existing position.
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Funding can be used to purchase equipment or other items that will help the business grow and expand employment. The goal of the fund is to create a job for roughly each $15,000 loaned by the Council. A fixed loan interest rate of 4% is currently available to qualified applicants.
Applicants are encouraged to have or develop a business plan. There are resources available to help entrepreneurs develop a business plan, which is an important step in the success of any business venture.
Assistance is available through the Ohio Small business Development Center (SBDC) in Piketon where a business person can contact the Director Ryan Mapes at (740) 289-3727 ext. 231. You can also contact Russ Brewer, coordinator of Southern State’s Enterprise Center located in Winchester. Mr. Brewer is available at (937) 695-9002.
Interested parties can visit Ohio Valley’s web site at http://ohiovalleyrcd.org and download a copy of the Revolving Loan Fund Brochure from the “Our Publications” page on the web site.
The initial step is to contact Brenda Bradds, council administrative assistant, at the RC&D office for an application packet. Brenda can be contacted at (800) 628-7722 ext. 3560 or e-mail her at bbradds@sscc.edu.