What is "gap financing"?
In
cooperation with your commercial lender, MDC helps
you fill the "gap" between what your lender can lend
and the total cost of your project. For example,
maybe your bank will lend you 60% of your total need.
With your contribution of 10% equity, MDC may be able to finance the
gap or the remaining 30%.
What can MDC do for you?
MDC can provide
financing assistance for business development and community
development projects in Morrow County. Our financing products
are designed to fill the gap that often exists between traditional
bank financing and your equity.
MDC believes that Gap
financing is important for the survival and growth of our local
businesses and is the primary means for MDC to promote and assist
the development of Morrow County and its economy. Here are
just a few of the projects that can be funded through
MDC:
Business acquisition,
construction conversion, enlargement, repair, modernization or
development costs.Feasibility studies and other reasonable fees and
charges.
-
Purchase and
development of land, easements, rights-of way, buildings,
facilities and materials.
-
Purchase of
equipment, supplies, leasehold improvements and
machinery.
-
Pollution control
and abatement.
-
Transportation
services
-
Startup operating
costs and permanent working capital.
-
Debt
refinance.
Who is eligible for a loan with
MDC?
Applicants must be a
private, for-profit, non-profit, or public enterprise located in
Morrow County. Manufacturing, processing and commercial
related projects are eligible for support and participation.
Loans will be primarily made where there is a creation of new jobs
or the retention of existing jobs.
Intermediary Relending Program
Goals:
-
Retain and create
permanent family wage jobs.
-
Coordinate public
and private investments in community infrastructure, business and
industry, job training and entrepreneurship to create significant,
long-term job opportunities.
-
Strengthen the
long-term economic health and potential of Morrow County;
and
-
Support economic
development, which enables Morrow County to retain and
re-circulate wealth created by the fund and complimentary
activities.
