The City of Port Clinton has established a Revolving Loan Fund (RLF), to provide financing to small businesses looking to start up or expand their operations within the city limits of Port Clinton. Loan funds can be used for real estate acquisition, working capital, machinery and equipment.
The Revolving Loan Fund will focus on providing “gap funding” to supplement what businesses can obtain from commercial banks and other sources. Money repaid, including interest, will become seed money for future loans by the City.
“The Ottawa County Community Foundation contacted the City of Port Clinton to see about creating the Revolving Loan Fund,” said Mayor Mike Snider of Port Clinton. “Initial funding for the Revolving Loan Fund was provided by a private donation made through the Ottawa County Community Foundation.”
“Access to capital is a critical part of starting and expanding business opportunities,” Snider said. “Over the past several years, the city has been looking to add to its economic development toolbox and we are thrilled to begin our partnership with the Ottawa County Community Foundation, private donors, and the Revolving Loan Fund Board members who have volunteered their time to help put this together.”
One contributor to the City’s Revolving Loan Fund was Giaco Enterprises, Inc., doing business as Arby’s.
“As a thank you to the City of Port Clinton for supporting us over the past 30 years, Arby’s is proud to contribute $10,000 to the Revolving Loan Fund,” said owner and operator Mark Giaco. “Port Clinton is where we got our start and we would like to continue to support new businesses and expansions in the Walleye Capital of the World.”
Funds are now available now under the Revolving Loan Fund program. Anyone interested in learning how to apply for a load to start or expand their business can contact Cole Hatfield, Port Clinton City Auditor, at 419-734-5522 or email firstname.lastname@example.org.
Applications and guidelines can be found at the City of Port Clinton web site, www.portclinton.com. Those individuals or businesses wishing to support the continued economic development of Port Clinton through donates to the Revolving Loan Fund can contact Hatfield for more information.