From Mayor Frank Seman: COVID-19 Updates and City of Ravenna State of Emergency. Follow links to read more.

In an effort to assist those businesses preparing to re-start their business after the government mandated shutdown, the City of Ravenna and NDS are offering working capital loans to assist small businesses re-start operations.

These loans are 24 month amortized repayment period at an interest rate of 2% with a 3-month deferral of principal and interest. All loans will be secured by UCC filing on business assets. Longer repayment terms may be available if secured by real estate.

Applicants will need to supply 2 years tax returns and a detailed description for the use of the funds.  Businesses will be eligible for up to $10,000 in loan funds for working capital to restart their businesses.

 

Sources of Lending Funds:

City of Ravenna

  • Up to $200,000

NDS:

  • Up $200,000 RBEG (Businesses up to $1M in prior year revenue
  • Up to $100,000 IRP (Businesses over $1M in prior year revenue)

Want more information about this program? Contact the City of Ravenna >