360 Business Loan Program
A low-interest revolving loan programs specifically tailored to small businesses looking for financing for the following projects but not limited to, facade and interior renovations, repairs, and working capital for gap financing.
Eligible businesses may apply for amounts ranging from $2,500 - $25,000.
Eligible businesses must be located in the City of Lorain, and located in a commercial, retail, mixed-use, or industrially zoned district, and be appropriately filed with the IRS, State, and City of Lorain.
All businesses must have a UEI. Please visit sam.gov for further information.
Loan Information
- Loans will be able to cover up to 100% of eligible project expenses, with an expectation that businesses are responsible for project costs over $ 25,000 or eligible loan amounts. Proof of remaining amount is required at loan closing.
- Eligible businesses may apply for amounts ranging from $ 2,500 up to $ 25,000.
- This program requires potential borrowers to create or retain Full-Time Equivalent (FTE) positions for low-to-moderate-income individuals.
- Construction Projects (interior or exterior) must comply with Davis-Bacon Act and Prevailing wages, be completed within 3 - 12 months of loan signing, and adhere to all necessary permits, board approval, and inspections. Failure to comply will result in immediate loan termination and full repayment will be pursued.
- These funds are not emergent in nature and will not be administered on an emergent basis. By applying to the program, businesses are not entitled to receive a loan.
- If construction takes place while the application is under review, it will be removed from consideration.
- Potential borrowers will be monitored to ensure compliance with all Local, State, and Federal Regulations through the Term of the Loan.
Submittal Process
The City of Lorain is now accepting pre-applications until 3:00 PM on January 31, 2025.
The pre-application serves as a screening tool to invite or deny businesses and provide resources for those who intend to apply for federally funded programs. The pre-application process has been introduced in response to high demand from the business community. It will help the City of Lorain staff identify eligible businesses and projects that comply with HUD regulations and local policies before the full application and underwriting process. The full application process includes a strict underwriting procedure to assess eligibility and financial need.
Please note that approval of the pre-application does not guarantee that your business will receive a loan or be approved for the program.
PRE-APPLICATIONS CAN BE FOUND HERE!