Funding from the CIC
The Community Improvement Corporation of Athens, Ohio (CIC) is an organization committed to promoting and fostering economic development in Athens County. The CIC is interested in providing gap financing assistance to projects that have public value, such as significant job creation
The CIC is run through the ACEDC office and is a vital group of city and county community leaders who work to foster economic development. This group strives to find innovative ways to implement job retention and creation in Athens County.
Beyond job retention and creation, the CIC sometimes works in concert with other organizations to assist in funding for projects that have the potential to increase jobs in the region. Most recently, the CIC recently became a shareholder of Ecolibrium Solar, a company that the CIC provided funding to in its infancy.
CIC Funding Requirements:
- Private Funds Leveraged: Requiring a minimum of 25% participation by the borrower owned resources or alternative lending sources before consideration by the CIC. Higher leverage may be required at the distretion of the CIC.
- Cost per Job Created: At least one (1) full-time, permanent position or full-time equivalent (2,080 hours annually) must be created or retained for every $10,000 of program funds requested within the term of the loan. Job creation shall be completed within the term of the loan.
- Financial Feasibility and Business Vitality: The applicant must demonstrate that the proposed project is viable and the business will have the economic ability to repay the funds.
- Compliance with Applicable Laws: Applicants shall comply with all applicable local, state, and federal laws and codes.
Terms and Conditions:
Minimum standards for loan terms and conditions include the following:
- Loan amounts are subject to the availability of program funds.
- Loan terms will be determined by the CIC Finance Committee at the time of application.
- Collateral will be required to guarantee security for the loan.
- Loan application fee of $100.00 payable to Business Remixed will be due at the time of application submission. Loan payments will be made as an automatic withdrawl from a financial institution selected by the borrower.
If you feel your business can meet these requirements and you’d like more information, please contact us today for more information.