Financing
The Lake County Port Authority's public-private partnerships allows us to offer a variety of bond and loan programs to fit your project's or business's needs.
Fixed Rate Bond Fund Programs
Thanks to our partnership with the Summit County Port Authority, you can utilize tax-exempt industrial revenue and taxable bonds underwritten with their BBB+ bond rating. Loans are structured for 10 to 30 year terms. The borrower is responsible for service on the incurred debt.
Conduit Financing Programs
The Lake County Port issues tax-exempt industrial revenue and taxable bonds underwritten by a commercial lender's letter of credit. You as the borrower are responsible for service on the incurred debt. However, this enables you to obtain a one-time exemption on all construction and materials used in a project.
For more information on these programs, contact:
John Loftus, Executive Director
440-357-2290 x232
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The 504 Loan Program is a long-term financing tool for economic development within our community. The 504 Loan Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land , buildings and equipment. Typically, a 504 project includes a loan secured with a senior lien from a private-sector lender covering up to 50 percent of the project cost, a loan secured with a junior lien from the Lake County Small Business Assistance Corporation and administered by the Lake County Port Authority (backed by a 100 percent SBA-guaranteed debenture) covering up to 40 percent of the cost, and a contribution of at least 10 percent equity from the small business being helped.
For more information on this program, contact:
Martin Gareau, Director
440-357-2290 x229
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The mission of the Lake County MicroLoan Program is to encourage growth and development for community small businesses by providing alternatives sources of capital and a referral of other services to assist with the success of their business. Loan amounts range from $1,000 to $20,000.
For more information on this program, contact:
Cathy Walsh, Director
440-357-2290 x234
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