Mayor Jack Ford and the district director of the Small Business Administration announced yesterday the first two loans under an initiative that could spur up to $14 million in business investment over four years.
The city will make a $50,000 loan to Toledo Shredding, LLC, and $44,000 to Jordan's Family Restaurant, 5407 Lewis Ave. Both loans would be forgiven at the end of five years if the businesses are paying off their SBA loans, city officials said.
Under the program, the city's loan and the business's own matching investment would make up 25 percent of the total investment. The SBA, through local banks, would then guarantee loans for the remaining 75 percent of the investment.
Toledo Shredding, located at the North Star Recycling facility, 275 Millard Ave., in the city's port area, would add 22 jobs. Jordan's Family Restaurant would add 13 jobs.
The city earlier this year approved $500,000 to make loans in the first year. Over four years, the city has committed to loans totaling $2 million, which would trigger about $10 million in SBA investment, as well as about $2 million in private investment, city officials said.
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