Morrow
Development
Corporation
Serving Morrow County Since 1994
How much can MDC loan my business?
MDC may lend up to $250,000, or up to 75% of an eligible project.
Are there any preferences given?
Yes. MDC will give preference to those projects that create and/or retain jobs in Morrow County. MDC is always looking for entrepreneurs willing to develop a new idea or service.
Are there projects that MDC is unable to finance?
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MDC is unable to fund agriculture production with the exceptions of aquaculture, commercial nurseries, forestry development, livestock and poultry processing and the growing of mushrooms.
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Unless a loan keeps the business from closing, MDC will not fund a transfer of ownership.
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MDC has historically not funded restaurants, nor fuel service stations.
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Also, MDC is unable to fund community antenna television facilities, nor can MDC fund a business entity where more than 10% of the annual gross income is derived from legalized gambling.
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:
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Retain and create permanent family wage jobs.
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Coordinate public and private investments in community infrastructure, business and industry, job training and entrepreneurship to create significant, long-term employment opportunities.
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Strengthen the long-term economic health and potential of Morrow County.
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Support economic development, which enables Morrow County to retain and recirculate wealth created by the fund and complimentary activities.