The Delaware County Revolving Loan Fund Committee will continue to accept applications after being online for two weeks. With $ 3.25 million to start the program, the committee looks forward to approving more money to go into the Delaware business community.
The application to the County Revolving Credit Fund can be viewed at https://bsbdelco.com or by contacting Kelsey Scott at 740-833-2107.
The Powell-based Buckeye State Bank administers the program, which will provide loans between $ 10,000 and $ 25,000 over five years. The principal of the loan can be up to six months of rent, mortgage and / or utility payments. The interest rate is 4% with a charge of $ 1,000 which will be added to the principal of the loan. Interest only payments will be required during the first six months of repayment. The review and approval of loan applications is expected to take less than 10 business days.
The fund was designed by the Delaware County Economic Recovery Advisory Team, appointed by the Commissioner. A special committee of team members will then be formed to review and approve loan applications. Members of this committee include Delaware County Administrator Michael Frommer, Delaware County Economic Development Director Bob Lamb, as well as four county appointees: Liberty Township Administrator Shyra Eichhorn, l Orange Township administrator Ryan Rivers and local businessmen Don Rankey and David Stadge.
For more information on Delaware County’s response to the economic impacts of the COVID-19 pandemic, please visit: https://economicdevelopment.co.delaware.oh.us/covid-19/.
Submitted by Delaware County.