Build Your Business With Us

Midwest Electric is happy to be your trusted business development partner

 

Midwest Electric is committed to working with local, state and national officials in order to keep and create jobs in west central Ohio.  Our economic development program includes competitive electric rates; low-cost new construction charges; partnerships with our statewide power supplier; and a revolving loan fund.

Revolving Loan Fund (RLF)

The goal of the Midwest Electric Revolving Loan Fund (RLF) is to create or retain jobs in west-central Ohio.  Any local business within the seven-county area that we serve is eligible to apply for a low-interest loan.  Financing is available to purchase land, buildings, manufacturing equipment, office and work equipment, and for infrastructure improvements.  Ineligible RLF projects include: refinancing of existing debt, or payment to business owners/partners; purchase of an existing business  unless it also includes growth and expansion); projects without any supplemental financing; investments; general improvement loans for normal replacements (unrelated  to expansion/ creation); agricultural production cost (ie, cultivation, production, harvesting); general purpose vehicles; working capital; individual residential construction projects; conflict of interest; etc.  Minimum loan is $5,000; the maximum depends on the amount of available RLF funds at the time of the request.  The project must have a minimum of 10% of equity infusion.  Other requirements apply. Contact us for more information or a free pre-application.

James Watson Street

 

ELIGIBLE APPLICANTS

  • Business ventures
  • Corporations
  • Partnerships
  • Sole proprietorships
  • Cooperatives
  • No cost for pre-application
  • $150 fee for full application

LOANS

  • Minimum loan: $5,000
  • Maximum based on available funds, strength of project, and discretion of Midwest Electric
  • Interest rate: Prime minus 3 points, but not less than 2%
  • Maximum 10-year repayment, no pre-payment penalties
  • Not the lead lender; but “gap” financing. Majority of funds are from equity or bank.
  • Collateral and other security requirements

ELIGIBLE PROJECTS

  • Industrial / commercial development
  • Small business startup/expansion
  • Business incubators
  • Medical facilities
  • Training / educational facilities
  • Tourism

 

 

Buckeye Power

Buckeye Power is the generation and transmission cooperative for Ohio’s 25 electric distribution cooperatives, such as Midwest Electric.  Buckeye owns nearly 2,000 megawatts in electric generating capacity and places a high priority on exceeding environmental regulations at its plants.  Buckeye also has among the lowest wholesale power rates in Ohio.

Visit the Buckeye Power economic development page for the economic development newsletter and the JobsOhio Site and Building Database.