Section 02Loans
Business Loans
OMEGA administers two loan programs for businesses in the ten-county region, both used alongside bank financing to close the gap between what a bank will lend and what a project needs. They are different programs with different terms. Compare them below, or talk to George Dolney, OMEGA's RLF Program Manager / Finance Assistant, about which one fits.
Compare the terms
Two programs, two sets of terms
Revolving Loan Fund
- Rate
- 4-6%, set by the Loan Review Committee
- Maximum
- Up to $300,000, or about 30% of total project cost, whichever is reached first
- Equity required
- No less than 10% borrower equity
- Term
- Useful life of machinery/equipment; up to 20 years for real estate; 3 years for limited working capital
- Job requirement
- One full-time-equivalent job created or retained per $50,000 financed
- Funding source
- Appalachian Regional Commission, Economic Development Administration, USDA
Private-for-profit businesses (startups or expansions) within the ten-county OMEGA region.
Contact: George Dolney, gdolney@omegadistrict.org · 740-439-4471 ext. 203
Regional 166 Loan Program
- Rate
- Fixed at or below current market rate, set by ODSA on approval, plus a 0.25% annual servicing fee
- Maximum
- Up to $500,000, or about 40% of total project cost, whichever is less
- Equity required
- No less than 10% borrower equity
- Term
- Up to 10 years for machinery and equipment; up to 20 years for real estate
- Job requirement
- One full-time-equivalent job created per $50,000 financed
- Funding source
- Ohio Development Services Agency (ODSA)
Commercial, manufacturing, industrial, or distribution businesses in expansion within the ten-county OMEGA region; refinancing and retail projects are not eligible.
Contact: George Dolney, gdolney@omegadistrict.org · 740-439-4471 ext. 203
The process
How a loan moves.
Inquire
Talk to George Dolney, OMEGA's RLF Program Manager / Finance Assistant, about the project and whether an RLF or Regional 166 Loan fits alongside your bank financing.
Package
OMEGA assembles the financing package in conjunction with your bank, working from the program's rate, term, and equity requirements.
Close
The loan closes alongside your bank financing, filling the gap between what the bank lends and what the project needs.
Not sure which program or funding path fits your project? Use the Funding Finder to answer who you are and what you need, then see likely programs.