Fixed Asset, Equipment Working Capital Loans

The Checklist:

  • Maximum Loan to Value: 100%
  • Loan Term: 5 years maximum
  • Interest Rate: 3 points over Prime & Fixed
  • Repayment: Monthly principal and interest payment
  • Application Fee: $100 Refundable
  • Closing Fee: 1% at loan closing
  • Collateral: 1st lien preferred, along with guarantees
  • Training: Must be working with a technical assistance counselor
  • Closing: Two to four weeks after approval
  • Borrower status: Must be a for-profit

Interested in learning more? 

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MVEDC Loan Process

Initial Screening

This program is only available to an active MBAC, EDGE or WE business client, or a business client of technical service providers acceptable to MVEDC.  An “active client” refers to any individual who is consistently and aggressively working towards agreed upon goals established with their technical assistance provider.  After you schedule a meeting with your technical assistance counselor, an initial screening meeting will be scheduled with MVEDC’s Relationship Manager. This will help you to avoid spending a lot of time filling out the application if the project does not meet the MVEDC guidelines. If the screening indicates your project is eligible, you can complete the loan application which is available on-line at  or in hard copy at MVEDC or provided to you by your technical assistance provider.


Fill out the application and return it with the requested attachments to your technical assistance provider.  Your technical assistance provider will meet with the MVEDC Relationship Manager to begin the process of your loan application.

Loan Committee

The MVEDC Loan Committee meets bi-monthly and must receive a complete application at least three weeks prior to the meeting date scheduled for presentation. Generally, loan applications are considered in the order in which they are received. An incomplete loan application will delay review.

Follow Up

During the week following receipt of your complete application, MVEDC’s Relationship Managers will visit your project, and collect any other information needed to present your loan request to the Loan Management Committee.

Loan Management Committee Approval

MVEDC’s lending team prepares and presents a credit memo to the MVEDC Loan Management Committee.  The Credit Memo summarizes the strengths and weaknesses of your loan request.  The Loan Management Committee decides on loan approval.  You will be notified of the Loan Management Committee’s action within 24 hours of their decision.

Your Commitment

You will be required to remain an active MBAC, EDGE or WE Client (or another MVEDC-accepted technical assistance provider) for the term of the loan.  This requirement will be a covenant in your loan document.  Failure to remain an active business client can be considered a default of the loan and is grounds for MVEDC to demand payment in full of the principal balance outstanding on the loan.

Loan Commitment

If financing is approved, you will be notified with a Commitment Letter. This letter will state the specific terms and conditions of the credit. You must return the letter to MVEDC within the time period noted in the letter.

Closing Documents

Upon receipt of this signed Commitment Letter, MVEDC, with legal oversight, will prepare all loan closing documents and filings. You will receive various documents, including, but not limited to, a promissory note, security and collateral agreements and escrow instructions for review. Once the agreements are acceptable to all parties, the loan can be closed and the funds disbursed based on terms and agreed upon conditions.

Resolution to Borrow

You will also receive instructions for submitting a Resolution to Borrow, which certifies that your Board of Directors has authorized acceptance of the loan and indicates who may sign loan documents. This document is collected by MVEDC at loan closing.


Disbursement follows the above procedures, and the timing is dependent on how quickly the borrower fulfills conditions set out in the Commitment Letter and loan documents, the complexity of documents and other factors.  Funds are disbursed electronically to your bank account.

Repayment and Monitoring

You will be required to make monthly interest and principal payments to MVEDC via electronic payments from your bank account.  You will also have to submit insurance certificates, financial statements and tax returns annually. These requirements will be detailed in the Commitment Letter and loan documents.

“We want to help you grow!


4319 Belmont Avenue, Youngstown, Ohio   44505    Phone-330.759.3668