Cuyahoga Falls announces the next round of gap financing for qualifying businesses

Cuyahoga Falls recently announced that the next round of gap financing is available to qualifying businesses. The Community Improvement Corporation of Cuyahoga Falls will administer the loans.

The program, offering loans of between $50,000 and $100,000, is designed to assist new and existing businesses undergoing expansion with gap financing of up to 30% of the total project cost. Payments are deferred for one year, followed by a 10-year term with a current interest rate of 3%.

Applications are accepted quarterly and are approved on a first-come, first-served basis, continuing until the annual funding of $500,0000 is exhausted each year. The next round of applications will be accepted through June 30.

For details about the loan program or to request an application, contact Mary Spaugy at 330-971-8137 or email spaugy@cityofcf.com.

The CIC of Cuyahoga Falls is a not-for-profit corporation incorporated in 1970. The purpose of the CIC is to advance, encourage, and promote the industrial, commercial, civic, and economic development of the city of Cuyahoga Falls.

This article originally appeared on Akron Beacon Journal: Gap financing available to local businesses in Cuyahoga Falls