Interim Float Loans
One of our most lucrative tools, the Float Loan Program, provides project financing to companies at 0% for up to 18 months based on provisions of an Irrevocable Letter of Credit from an acceptable financial institution. Loans are subject to be called at any point during the term of the loan. Consideration for this program requires submission of a written proposal and is granted competitively among pending projects.
Upon being called or term expiration, the City will call in the letter of credit for full repayment of funds disbursed and takeout financing commences between the borrower and financial institution.
There is no application for the Float Loan Program. To be formally considered for any funding, a written proposal which addresses the following should be provided:
- Project Overview
- Related job creation and relevant wage data
- Documented cost estimates of proposed expenditures
- Business plan and financials
Float Loans are provided based on formal approval of project that includes: 1)Review and determination by the Economic Development Office; 2) Approval from City Council; 3) Final approval / execution from the Board of Control.
Consideration by the Board of Control and execution of documents will not occur until the Irrevocable Letter of Credit has been provided.
Business Park Incentives
The City of Youngstown and the Office of Economic Development are actively developing Business / Industrial Parks in our region with extremely competitive incentives that include the following:
- Fully improved property for $1 that can be used as equity in your project.
- Future expansion space available.
- 10-year, 75% real and personal property tax abatement.
- All utilities brought to the project.
- Site development grants up to $2.00 / sq. ft. for new construction.
- Excellent freeway / interstate access.
- Environmental warranties, if needed.
- Float Loans available for up to $2million at 0% for 18 months.