The Delaware County Revolving Loan Fund Committee will continue to accept applications after being live 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’s revolving loan fund can be accessed at https://bsbdelco.com or by contacting Kelsey Scott at 740-833-2107.
Powell-based Buckeye State Bank is administering the program, which will provide loans between $10,000 and $25,000 over a five-year term. The loan principal can equal up to six months of rent, mortgage and/or utility payments. The interest rate is 4% with a $1,000 fee that will be added to the loan principal. Interest-only payments will be required during the first six months of repayment. Review and approval of the loan applications is anticipated to be less than 10 business days.
The fund was engineered by the Commissioner-appointed Delaware County Economic Recovery Advisory Team. A special committee of team members subsequently will be formed to review and approve the loan applications. Members of this committee include Delaware County Administrator Michael Frommer, Delaware County Economic Development Director Bob Lamb, plus four appointees by the county: Liberty Township Trustee Shyra Eichhorn, Orange Township Trustee Ryan Rivers, and local businessmen Don Rankey and David Stadge.
For more information about Delaware County’s response to the economic impacts of the COVID-19 pandemic, go to: https://economicdevelopment.co.delaware.oh.us/covid-19/.
Submitted by Delaware County.