State Representative Tim Schaffer (R-Lancaster) today announced that applications for the grant and loan programs funded by his amendment in the 2015 state budget for businesses hurt by the Buckeye Lake dam repairs will be launched on Tuesday, April 12, 2016 at 10 AM.


Schaffer highly encourages local businesses to apply for the grants and loans quickly by going to the Ohio Development Services Agency website for application details. The links are below:


Grants: https://development.ohio.gov/bs/bs_ledgp.htm
Loans: https://development.ohio.gov/bs/bs_ledrlp.htm


Businesses can apply for both a loan and grant, but ultimately cannot receive both. If approved for both, businesses will be able to choose their preferred mechanism. Businesses must be able to show a 40% revenue reduction in 2015 over 2014.  Additional details will soon be available online.


Businesses can apply for grants to compensate for up to 50 percent of their loss to a maximum of $10,000. The loans may be as large as $20,000 and will be 0% interest, term for up to 7 years and will not require collateral.


Applications will be reviewed on a “first-come first-served” basis, so it is very important that businesses that suffered significant damage in the construction process apply quickly.


This state funding first was created in 2015 by an amendment to the state biennial budget authored by Rep. Schaffer.

 
 
 
  
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