Financing

Financing Options: The Lake County Port Authority's public-private partnerships allows us to offer a variety of bond and loan programs to fit your project's or business's needs. For a more detailed description of lending instument options please click here Financing Options.

SBA 504 Loans-The SBA 504 is a subordinated debt product, fully guaranteed by the SBA, that allowing growing small businesses access to below-market, long-term, fixed-rate financing for major fixed assets-typically owner-occupied real estate. In Willoughby Hills, the program is administered by the Lake County Port Authority.  For more information, please click SBA Loan..

Lake County Revolving Loan Fund-The Lake County Commissioners have determined that to encourage economic development activity throughout the community, approximately $318,000 in Community Development Block Grant (CDBG) funds will be used to create a Revolving Loan Fund to be administered by the Lake County Port Authority. For more information, please click here Revolving Loan Fund.

Lake County Micro-Loan Program:The mission of the Lake County MicroLoan Program is to encourage growth and development for community small businesses by providing alternatives sources of capital and a referral of other services to assist with the success of their business. Loan amounts range from $1,000 to $20,000. For more information on this program please click here Micro Loans. 

Community Reinvestment Area:The Community Reinvestment Area (CRA) Program is a direct incentive tax exemption program benefiting property owners who renovate existing or construct new buildings.  This program permits municipalities or counties to designate areas where investment has been discouraged as a CRA to encourage revitalization of the existing housing stock and the development of new structures. For more information, please click here CRA Program

Enterprise Zone:Enterprise Zones are designated areas of land in which businesses can receive tax incentives in the form of tax exemptions on eligible new investments.  Enterprise Zones are not part of the traditional zoning program -- which limits the use of land -- instead they allow local officials to negotiate with businesses to encourage new business investment in the zone. For more information, please click here Enterprise Zone Program.  

For more information call (440) 946-6614; mayor@willoughbyhills-oh.gov