The City of Bowling Green’s Business Revolving Loan Fund, which is part of the CDBG block grant program, was recently modified by lowering the interest rate to zero percent to encourage businesses within city limits to apply.
The purpose of the loans is to enhance local businesses and promote job growth targeting low-and moderate-income wage earners. For each $35,000 borrowed, the business must commit to generating one new job. Terms of the loans range from three to five years, and special terms are available for businesses located in the Downtown Special Improvement District.
“We feel that offering a zero percent loan to encourage job creation for low- and moderate-income individuals will help strengthen our community and provide a new source of funding for business growth,” said Martha Woelke, community development administrator for the city. “Our goal is to work in tandem with financial institutions to offer a variety of loans that will grow our local businesses and make Bowling Green a better place to live and work.”
For additional details, contact the Community Development Department at 419-354-6203, or visit the city’s website: www.bgohio.org.
