Small businesses in Delaware County will again have an outlet to assist with navigating tough economic times as Delaware County Treasurer Don Rankey Jr. announced the relaunching of the Revolving Loan Fund on Jan. 9.
The fund, which was established in 2020 to aid struggling businesses during COVID, allows Delaware County businesses to borrow up to $50,000 at 4% interest. All small businesses in the county are eligible for the program, and there are no restrictions on how the funds can be used.
Loans carry a five-year payment term, and a $1,000 processing fee will be added to the principal amount. Interest-only payments are available for the first six months of the loan term. According to a release announcing the relaunch, the fund has assets totaling $5 million.
“It’s a good time to relaunch the Revolving Loan Fund,” Rankey said in a release. “It was with excellent foresight that the county commissioners developed this fund to help our businesses during the COVID pandemic. While the pandemic is largely over, our businesses are still dealing with an 8.5% inflation rate, high gasoline costs, and supply chain problems. We needed to again reach out to our Delaware County small business owners with a loan program that will help them through this recession and difficult economic times.”
The Revolving Loan Fund was launched after Delaware County officials, the Delaware County Finance Authority, and Clerk of Courts Natalie Fravel contributed $3 million. Both Orange and Liberty townships each added $250,000, bringing the initial funding total to $3.5 million.
Officials with the program have been working for a year to “retool” the Revolving Loan Fund, which will be administered by Buckeye State Bank.
Former Delaware County Economic Development Director Bob Lamb has been selected as the fund’s program director. Other committee members are Liberty Township Trustee Shyra Eichhorn, Orange Township Fiscal Officer Lisa Kraft, Delaware County Administrator Tracie Davies, Delaware County Economic Development Director Monica Conners, Delaware County Finance Authority board member Kent Shafer, and Dave Schockman of Buckeye State Bank.
“There is a strong economic need for this type of fund because, as treasurer, I saw a substantial uptick in real estate tax delinquencies in the second half of 2022,” Rankey said. “A lot of those delinquencies can be attributed to businesses that are having difficulty operating in this current economic environment, and that’s certainly an indicator that this program is needed.”
Rankey went on to say, “It’s a great program, and we’re fortunate to have elected officials in Delaware County who saw the value in the Revolving Loan Fund and who came together to provide the financial resources to create it. All of the individuals and entities who helped create the Revolving Loan Fund deserve our thanks.”
Business owners can apply for loans online at joinbsb.com or by visiting the bank, which is located at 9494 Wedgewood Blvd. in Powell.