The NEDL Program is a loan pool of 5 banks* and the City of Toledo collaborating to provide access to conventional credit sources for businesses which would not normally qualify for commercial credit.
      Small, community-based businesses, sometimes called micro-enterprises, which are in business now or about to start up, which produce a product or sell goods and services in their host communities, which operate from neighborhood commercial/industrial locations or from the owner's home and which provide employment to the business owner and possibly several employees are the target of this financing program.
     NEDL applicants, whether in business now or anticipating starting a business, have to present a plan showing the market potential of their product or services,the benefit to the community of the business, and the financial feasibility of their business. NIP will help you with the development of your business plan.
     Loans shall be in the range of $3000.00 to $20,000.00 and used for the acquisition of current or fixed assets for the business s outlined in the business plan. Examples of such assets would be inventory, machinery and equipment, furniture and fixtures, or leasehold improvements to the business space.
     The maximum loan term is five years. 33 percent of the loan is provided by the City of Toledo and is at zero interest. The remainder of the loan is provided by the banks and is at prime rate + two percent .
     Contact NIP for more information about the NEDL program, for help in preparing a business plan, and for assistance with your other business needs.


*Fifth Third Bank, Huntington National Bank, KeyBank, MidAm Bank, and National City Bank participate in the NEDL program.

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