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?
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.
Unless a loan keeps the business from closing, MDC will not fund a transfer of ownership.
MDC has historically not funded restaurants, nor fuel service stations.
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:
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 employment opportunities.
Strengthen the long-term economic health and potential of Morrow County.
Support economic development, which enables Morrow County to retain and recirculate wealth created by the fund and complimentary activities.