TOLEDO, Ohio, April 20, 2011 – The Northwest Ohio Development Assistance Corporation through the Toledo-Lucas County Port Authority recently provided Culver’s Restaurant a U.S. Small Business Administration 504 Loan in the amount of $770,465 for the purchase of property and equipment and the construction of a new building. Once the project is complete, the restaurant will create 25 full-time equivalent jobs. The Port Authority will join employees of Culvers for the ground breaking.
Ground Breaking
Thursday, April 21, 2011 – 10 a.m.
Culver’s of Findlay
806 Trenton Ave. - Findlay, Ohio 45840
Culver’s Restaurant was established in 1984, building on the exceptionally friendly and old-fashioned charm of the Culver Family. Their commitment to hometown values of quality and customer service has helped them oversee more than 400 restaurants in 17 states across the country.
The Toledo-Lucas County Port Authority has developed a national reputation for innovative business financing, assisting close to 300 economic development projects representing a total investment of more than $1 billion while helping to create and retain more than 15,500 jobs.
The Toledo-Lucas County Port Authority administers the U.S. Small Business Administration (SBA) 504 Loan Program throughout Ohio. The SBA 504 Loan Program provides fixed asset funding to for-profit businesses with a net worth not exceeding $15 million and net after-tax profit of not more than $5 million. A typical transaction consists of 50% bank financing; 40% SBA 504 Loan and 10% equity. The SBA 504 Loan Program takes a second collateral position. The funding can include up to 40% of project costs for any for-profit business. The maximum loan amount is $5 million or up to $5.5 million for manufacturers. Loan terms are either 10 or 20 years and only a 10% equity injection into the project is required. Long-term fixed interest rates are available.
It is the mission of the Toledo-Lucas County Port Authority to continuously leverage our strategic geographic position, resources and economic development proficiency to provide increased business opportunities—built upon and around our innovative transportation and logistics expertise—while promoting our community and region within the global marketplace. We will accomplish this through unmatched speed and efficiency of service, collaborative and strategic partnerships, community stewardship and the continued generation and execution of new ideas and innovations. www.toledoportauthority.org --- 419-243-8251
###