Long Term Loans Ohio

Long-term loans Ohio

Long-term fixed-rate funding options for Ohio-based manufacturers' power generation infrastructure investments Ohio Manufacturers' Association (OMA) is working with the Cleveland-Cuyahoga County Port Authority, Toledo-Lucas County Port Authority and Summit County Port Authority (together the Port Authorities) to provide producing businesses with long-term funding for capital goods and new assets at static rates through commercial loan programmes provided by each of the port authorities. Loan programmes are called bond fund programmes because loans are given to fund the loans. For these loan programmes, each port authority was provided with an extra injection of equity into its reserve, which now makes it possible to grant extra loans to producers. FirstEnergy' s Ohio - Ohio Edison utility company, Cleveland Electric Illuminating Company and Toledo Edison (together the FE companies), the OMA and the port authorities concluded an arrangement for this injection of equity.

FE entities contribute a combined USD 7.5 million to the provisions for the relevant bond fund programmes to assist production and related power generation schemes funded by port authorities. As part of the Memorandum of Understanding, the FE Associations in 2009 pledged to make a combined USD 2.5 million per year available to the Port Authorities to assist loans for OMA and Port Authority nominated project and have already contributed USD 5 million in funding.

Bond-fund programmes may be appealing to producers for the following reasons: Producers may be entitled to a bond fund programme if: Producer fulfils the economically appropriate port authority and bond fund programme economic criterion.

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