Port Authority Receives $ 2.4 Million | News
TOLEDO – The US Department of Commerce’s Economic Development Administration last week announced a $ 2.4 million CARES Restoration Assistance Grant to the Toledo County Port Authority -Lucas to create a revolving loan fund for Northwest Ohio businesses.
The EDA grant will be matched with $ 600,000 of local investments to create a $ 3 million loan fund.
“We are honored to receive this award at a critical juncture in our economic recovery,” said Thomas J. Winston, president and CEO of the Toledo-Lucas County Port Authority. “We look forward to partnering with local entities to deploy these funds in Northwest Ohio to help businesses retain and create jobs throughout the region. “
Leveraging its experience in managing various funding programs throughout the state, the Port Authority will establish the Revolving Loan Fund for qualifying businesses in Wood, Lucas and Ottawa counties.
The fund will help fill a regional weakness in access to capital and support the general objectives of the overall economic development strategy for the region. The launch of the revolving credit fund is expected to take place in the second quarter of 2021.
For more information on the implementation of this program, including the timeline and application process, visit toledoport.org.
The CARES Act Recovery Assistance Program provides a wide range of financial aids to eligible communities as they respond to and recover from the impacts of the coronavirus pandemic. For more information visit www.eda.gov.
The Toledo-Lucas County Port Authority has built a national reputation for innovative business financing, assisting over 600 economic development projects representing a total investment of over $ 2 billion while helping to create and maintain 20,000 jobs. Funding options include Fixed Interest Rate Development Income Bonds, Infrastructure Finance, Conduit Income Bonds, Ohio Regional 166 Loan Program, US Small Business Administration 504 Loan Program and BetterBuildings Northwest Ohio’s Energy Efficiency Loan Program. For more information on these programs, visit toledoport.org.