With $3.25 million in funds secured, the Delaware County Board of Commissioners continues to support the Delaware County Economic Development Revolving Load Fund, which is available to small businesses in the county. The application to the county’s revolving loan fund can be accessed at https://BSBDelCo.com.
Powell-based Buckeye State Bank is administering the program, which will provide loans between $10,000 and $50,000 over a 60-month term. The loan principal can be used for general business needs, including rent, mortgage or utility payments. The interest rate is 4 percent 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 will take no more than two weeks.
The fund was engineered by the Commissioner-appointed Delaware County Economic Recovery Advisory Team. A special committee subsequently has been formed to review and approve the loan applications. Members of this committee include Delaware County Administrator Tracie Davies, Delaware County Economic Development Director Monica Conners and Delaware County Treasurer Don Rankey, plus appointees Liberty Township Trustee Scott Donaldson, Orange Township Trustee Lisa Kraft and Delaware City Councilman Kent Shafer.
Delaware County officials, including Clerk of Courts Natalie Fravel, contributed $2.5 million to get the fund started. The Delaware County Finance Authority, Orange Township and Liberty Township have each contributed $250,000.
County Commissioner Barb Lewis said: “Small businesses are the backbone of our county’s prosperity. The creation of this important countywide fund provides a low-interest, easy way for these businesses to access much needed local funds to build and grow.”
Buckeye State Bank Co-Founder and CEO Shawn Keller said, “The revolving loan fund is a wonderful example of how the public and private sectors can partner to benefit our community, particularly during times of need.”
Keller added: “As a locally owned and operated community bank, we passionately believe in the concept of serving our neighbors by accepting local deposits and lending them back to local businesses and consumers. With the tremendous commitment of our local municipalities, this program illustrates that purpose, and we are humbled to be a part of it.”