Select Stone Company, LLC Utilizes the Port Authority’s Northwest Ohio Revolving Loan Fund to Purchase New Equipment!

Select Stone Company, LLC Utilizes the Port Authority’s Northwest Ohio Revolving Loan Fund to Purchase New Equipment

Select Stone Company, LLC, established in 1987, provides high quality, custom cut decorative stone and supply for residential and commercial construction projects. The company has a wide variety of man-made and natural stone options available for landscaping, building, water garden, and masonry projects. In addition, Select Stone Company operates an online store selling supplies for ponds as well as decorative landscape items.

Select Stone Company recently received an $87,500 loan through the Port Authority’s Northwest Ohio Revolving Loan Fund to purchase a new bridge saw, the fourth in its fleet. Farmers & Merchants State Bank also provided funding to assist with the cost of the new saw.

Two of the company’s current bridge saws are nearly 20 years old, and the new saw will allow for automation, eliminate potential safety issues, and provide an overall increase in productivity. Select Stone Company currently has 20 employees and is expecting to hire five new employees to accommodate the anticipated growth.

Click here for more information on Select Stone Company, LLC.

About the Northwest Ohio Revolving Loan Fund

Leveraging its experience in managing various financing programs, the Toledo-Lucas County Port Authority launched its $3,000,000 Northwest Ohio Revolving Loan Fund to assist eligible businesses throughout Lucas, Ottawa, and Wood Counties in Ohio. The Northwest Ohio Revolving Loan Fund will address a regional weakness in access to capital and support the overall goals of the Comprehensive Economic Development Strategy (CEDS) for the region, as one job will be created or retained for every $50,0000 distributed.

Benefits of the program include:

Loan amounts between $10,000 and $300,000
Targeted fixed interest rates: 4% OR 75% of the prime rate
A term of 5 to 10 years for equipment loans; and a term of 10 to 20 years for owner-occupied commercial real estate loans

Click here for more information and to apply!

The Toledo-Lucas County Port Authority has developed a national reputation for innovative business financing, assisting over 900 economic development projects representing a total investment of more than $2 billion while helping to create and retain nearly 21,000 jobs. Financing options include the Revolving Loan Fund, Fixed Interest Rate Revenue Bonds, Infrastructure Financing, Conduit Revenue Bonds, the Ohio Regional 166 Loan Program, the U.S. Small Business Administration 504 Loan Program and the BetterBuildings Northwest Ohio Energy Efficiency Loan Program.