- The business owner contacts an area lender and CCDC to discuss the project.
- The business owner submits to the lender and CCDC items listed on the Application Checklist.
- The project is evaluated (for eligibility and creditworthiness) by the lender and CCDC.
- Commitment is issued by the participating lender.
- The loan request is presented to CCDC Loan Review Committee and Board of Directors for approval.
- The CCDC loan is presented to the Ohio Department of Development, then the State Controlling Board issues a commitment letter.
- The project bank lender provides all financing on an interim basis.
- The CCDC loan is closed after a project is completed; the bank interim loan is paid off.
What are the steps of a 166 Loan application? Featured
SBN Staff 9:38am EDT July 22, 2002