The Ohio Development Services Agency's (ODSA) Regional 166 Direct Loan provides low-interest loans to businesses creating new jobs or preserving existing employment opportunities in the State of Ohio.
Eligible projects include those related to industry, commerce, distribution or research activities. Retail projects are ineligible for the Regional 166 Direct Loan.
Allowable Project Costs/Uses:
-Land and/or building purchase; if the project involves the purchase of an existing building, the business must occupy at least 51% of the premises
Machinery and equipment purchase
-Building construction and/or renovation costs; if the project involves new construction the business must occupy at least 60% of the premises
-Long-term leasehold improvements
-Ongoing businesses fixed asset purchase
-Capitalizable costs directly related to a fixed-asset purchase
-Refinancing is ineligible
Available Funding: The Regional 166 Direct Loan may finance up to 40% of allowable project costs with loans up to $350,000. The Regional 166 Direct Loans are "take-out" financing (allowable project costs/uses must be purchased with interim financing with the Regional 166 Direct Loan disbursing upon project completion). Businesses requesting more than $500,000 may participate in the 166 Direct Loan Program.