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4/21/2018 12:07AM
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Small Business Loan Program

Overview:

The City of Newark Development Department and Park National Bank have partnered to create a citywide Small Business Loan Guarantee Program for small, for-profit businesses located in Newark, Ohio.  In order to make loans more readily available, the City will use funding to offer loan guarantees on various types of business loans provided by Park National Bank.  Applicants are not limited in the type of projects to which the loans may be applied.

The program is intended to encourage economic development through the establishment of new businesses and growth of existing businesses.  Loan proposals with a positive effect on job creation and retention, the abatement of building deterioration, and service to low-moderate income individuals will be viewed most favorably by the Development Department.  Loan proposals must be consistent with federal, state, county, and local regulations including zoning, building, health and safety codes.  The approval of applications will be determined at the discretion of the City of Newark Development Department.

The loan guarantees offered by the Development Department shall range between $1,000 and $5,000.  The loan guarantee shall cover a maximum of 25% of the loan provided by Park National Bank.  For the purposes of this program, the loans offered shall range between $4,000 and $50,000. 
 

Program Goals:

  1. To provide opportunities for local businesses to secure necessary financing for business improvement projects.
  2. To address the issues of building deterioration and local blight.
  3. To support the restoration of buildings to include their original features.
  4. To provide services to the low to moderate income population.
  5. To create jobs with an emphasis on jobs to be offered to low to moderate income individuals.
  6. To continue to foster a favorable business climate in Newark.
  7. To serve as a catalyst for further business growth and revitalization.
     

Documents:

Application Instructions
Application Form

Application Attachments:
    Information Checklist for Loan Application
    Borrowers’ Certification and Authorization
    Personal Financial Statement
    WH-347 Certified Payroll Report