Economic Development

 

The Lorain Port Authority is an independent lender offering solutions for capital finance challenges and special projects in our area providing creative financing options to accommodate your individual needs. As a partner with the Cleveland-Cuyahoga County Port Authority, the Lorain Port Authority's customized lending tools can be used for equipment, construction, land and building acquisition, and facility improvements.
 
The projects we finance are changing the face of our communities. We offer quick turnaround and flexibility, saving time and money. The Lorain Port Also works in partnership with the Cleveland-Cuyahoga County Port Authority for various financing and economic development projects.
 
The Fixed-Rate Financing Program makes it possible for smaller businesses to access the U.S. capital market and borrow money at investment grade rates. The program also benefits many larger businesses that find an investment grade rating costly and difficult to maintain.
 
Additional highlights:
  • Financing between $1.5 million to $6 million
  • Transaction capacity may exceed $20 million when combined with other financing sources
  • Financing for fixed assets, such as land, buildings and equipment
  • Fixed interest rates for up to 25 years
The Off-Balance Sheet Financing & Leasing Program is ideally suited for companies and non-profit organizations that want to obtain a new facility but do not want the asset to appear on their balance sheet. This financing vehicle allows the port authority to own the facility and lease it to the company.
 
Additional highlights:
  • 100% financing
  • Lower costs for materials used in the construction of a building
  • Choose from three types of leases: financing, operating or synthetic
The Infrastructure Financing Program makes it possible for developers, cities and other regional organizations to finance public infrastructure projects, such as streets, roads, underground utilities, sidewalks, street lights, landscaping and public parking garages. This type of financing is particularly attractive for mixed-use developments and can be financed using tax increment or special assessment as the revenue stream to pay for the public improvements.
 
Additional highlights:
  • Elimination of equity
  • 100% financing
  • Lower costs on project materials
  • Long-term financing