Van Wert supports local businesses through Revolving Loan Fund

Van Wert supports local businesses through Revolving Loan FundFrom startups to conventionally-established companies, VWAEDC provides customized financial assistance to businesses in Van Wert County through its Revolving Loan Fund. The RLF supplies gap funding for new or existing companies pursuing land or building acquisition, construction, equipment purchases and working capital based on job retention and creation. Borrowers may seek up to 50 percent of the total project cost; maximum $25,000 per job created. The interest rate is fixed at 2.75 percent, which is below the market interest rate.

Creation or retention of jobs is a loan requirement as is a commitment of new cash equity by the borrower. Terms of the loan are five to seven years for purchase of machinery and equipment, and 15 to 20 years for real estate acquisition.

Revolving Loan Fund Program Application

“Our experience working with the Van Wert Economic Development team was nothing but positive. Krista and the staff did a great job utilizing their knowledge and resources to help uncover available grants and programs that were extremely helpful when making our move to Van Wert.” – Josh Brinkman, American Paint Recyclers