LIMA, OH (WLIO) - Lima is looking at ways to help small businesses and start-ups get needed work done. The city council approved two new loan programs that were created from the Better Together plan. One will help small businesses with façade improvements, the other will be a revolving loan program for businesses with five or fewer employees. Each program will have 3% interest rate for five-year loan, and the façade program requires a dollar for dollar match to get it. The details and application process for each loan are still being worked out and will be announced in the future. But they will continue Lima’s commitment to helping businesses succeed in the city.
“So this is allowing for low interest rate loans, to get more capital, easy access,” says Amber Martin, Workforce and Small Business Development Coordinator. “If you are new start up and aren’t able to show years of experience, this is kind of that first loan that you can get into. Plus, you are able to put these loans together, if available, to really maximize funds together.”
Lima Council also approved Phase 2 of the Downtown Streetscape Project. Which will convert, Central Ave. from Elm to Wayne Streets from two lanes to one lane, and add parking, a bike lane, and sidewalks. The cost of the project is a little over $4.5 million.
