It varies. If an application is submitted with all of the required items, local approval from CountyCorp Development can come in as short a time as 5 days.
The truth is that accessing governmental financing sources is really no more difficult than receiving loan approval from a bank these days. Most government financing sources require exactly the same information that is required by a bank to make a credit decision. As the governmental sources are usually in a subordinated collateral position to the bank, the credit underwriting evaluates the project cash flow more significantly to ensure that there are sufficient resources to repay the debt from business operations.
Yes and No. The interest rates for loans from the State of Ohio Regional 166 and the CountyCorp Development CDBG loan programs are set at the time the loan is approved. Loans from the SBA 504 program are funded by government bond sales on the open market so the loans from this program have their interest rates set when these bonds are sold. This occurs once the project is completed and when the loan has closed.
Income levels are based on a Department of Housing & Urban Development formula for the area where you live and the number of persons in your household. For example, in Montgomery County a family of four that makes a total of $48,200 gross income is considered to be at 80% of the area median income or AMI. These are gross figures before any deductions. This chart will give you a good sense of whether you can income-qualify for our programs.
CountyCorp has a special program for homeowners age 65 or older that provide necessary financial assistance at a 0% interest rate with payments that may be as low as $25 per month. There are some income restrictions. http://www.countycorp.com/Rehab.htm