MADE Loan Program Brochure
The M.A.D.E. in Cuyahoga County Program provides manufacturing businesses with financial assistance to support the retention and creation of jobs for County residents. The fund provides long term, fixed-rate financing at interest rates lower than conventional financing. Interest rate is currently two percent (2.00%). The fund is intended to fill a financing gap beyond the amount of private participation and equity investment that can be raised. Loans generally range from a minimum of $35,000 to a maximum of $200,000, up to forty percent (40.00%) of total project cost. Loan terms are typically seven (7) years on equipment and up to fifteen (15) years on land and building. Loans can be used to finance the acquisition of land, buildings, machinery and equipment as well as for new construction, renovation, expansion and/or conversion of facilities. Loans cannot be used to refinance debt, purchase inventory, pay other non-capital costs or on speculative projects. The County will take a subordinated collateral position provided there is adequate collateral available as security, up to a ninety percent (90.00%) loan to value ratio.
Business Requirements
$150 nonrefundable application fee, plus a loan fee equal to .5% of County loan amount.
For-profit manufacturing or industrial businesses that expand in or move to the County qualify for consideration, if registered to do business in Ohio.
Businesses are required to create one new, full time, permanent job for every $35,000 loaned within three years of loan closing.
Businesses must provide a minimum of ten percent (10.00%) equity. The business owner or majority stockholder must provide a personal guarantee for the loan amount.
A majority or fifty-one percent (51.00%) of the jobs created must be made available to low and moderate income persons as defined by the federal government.
The business must execute Workforce Cooperation Agreement with the County that designates as first source of referral for mutually agreed positions at the company.
Business must demonstrate the ability to repay the loan as well as have adequate collateral and acceptable credit.
When loan funds are used for construction, federal prevailing wage rates must be paid and a departmental environmental review must be conducted.
The business owner or majority stockholder must provide a personal guaranty in the amount of the loan. Additionally, key man insurance and hazard of business insurance is required in the amount of the loan with Cuyahoga County Board of County Commissioners as the loss payee.