By Brad Bapst
The Small Business Development Center (SBDC) at The Ohio State University South Centers is continuing to serve the needs of businesses in the region. SBDC is monitoring the ongoing coronavirus (COVID-19) pandemic and, with the information and guidance provided by the university, state, and federal government, the program is taking all necessary precautions to reduce the spread of the virus.
The safety and well-being of our clients, training attendees, and staff is of utmost importance to us. We have resumed one-on-one advising services with our clients in situations where meetings can be conducted safely. We also continue to utilize telephone, e-mail, social media, and most recently, video conferencing through the Zoom communications platform to conduct counseling with clients. Our training events, however, are continuing to be conducted exclusively online utilizing the Zoom platform of communicating.
We are constantly in search of resources to assist businesses and their financial wellbeing. A recent addition to this list of resources is a low-interest loan program. The Ohio Valley Regional Development Commission (OVRDC) is currently accepting small business loan applications to assist business owners in managing their cash flow with a low-interest sustainability loan from the EDA CARES Act Revolving Loan Fund.
A pre-application questionnaire to begin the process is required from the business owner and once eligibility is determined, they will have access to apply for loans from $5,000 to $25,000 for working capital expenses, without the participation of a bank. Other features connected to the program make it easy for businesses to access capital that could help sustain them through the coronavirus downturn, including interest rates as low as 2% and no payment required for the first six months of the loan term. A business plan and supporting financial documentation, including cash flow projections, are required as a part of the loan application.
The SBDC can assist in the development of these documents. Please contact our center for assistance. Details of the loan program are as follows:
- Loans from $5,000 – $25,000 for working capital expenses
- Interest rates as low as 2%
- Pay nothing for the first 6 months
- No bank required
- Use loan proceeds for day-to-day operating expenses to work through the temporary economic downturn
- Term 3-5 years
- Low application fee of $100
Eligible borrowers include existing small business owners or sole proprietors with operations located in Adams, Brown, Clermont, Fayette, Gallia, Highland, Jackson, Lawrence, Pike, Ross, Scioto, or Vinton counties in Ohio.
For information about the OVRDC Business Sustainability Loan, please visit: ovrdc.org/rlf/business-sustainability-loans.
Our team of Certified Business Advisors are here to support you and your business. Your health, well-being and business success are our number one priority. Moving forward, the SBDC is preparing to provide additional resources in the coming months in an effort to assist businesses in the recovery process from the pandemic-induced economic disaster.
To reach us, please call 740-289-2071 or visit us online at southcenters.osu.edu/business We also continue to update businesses with the latest information through our Facebook page.