Community Development Corporation (BCDC), which serves as the city’s economic development arm, was recently tapped by the Small Business Administration
(SBA) to receive a $1 million loan for small businesses in the region.
BCDC is one of only two cities in Ohio and 20 nationwide to receive $1 million SBA loans in a special two-year pilot program.
“Historically, we’ve only provided loans to companies in Barberton,” explains Scott Wagner, BCDC executive director. “With this SBA loan, we want to think more regionally since neighboring communities benefit from one another’s growth. What’s good for New Franklin is good for Barberton; what’s good for Norton is good for Barberton.”
According to Wagner, local companies seeking a loan from the new SBA fund must commit to staying and/or expanding in the region. They must also have fewer than 500 employees and demonstrate that they are an established, profitable business.
Loan amounts will vary from $10,000 to $200,000, and may be used for a host of purposes, including building construction or acquisition, equipment, furniture, fixtures, inventory or working capital.
Wagner indicated they’ve already received several applications from companies, ranging from manufacturing to customer service, in all three communities.
He believes that BCDC’s proven track record making effective loans to local small businesses, as well as their current loan portfolio, helped set them apart and give them an edge to land the SBA loan. “The competition was very intense, and we were extremely fortunate to be selected,” he says. “It’s a fantastic honor to be one of only 20 economic agencies nationwide to receive this award.”
Source: Scott Wagner
Writer: Lynne Meyer