First Federal Bank has partnered with JobsOhio on a loan program designed to support existing Ohio small business clients with maintaining operations and payroll during the COVID-19 pandemic.
Eligible businesses can use the newly available loan funds for working capital, including payroll, rent, mortgages or other fixed debts, utilities and other bills.
- Ohio based businesses
- Current First Federal Bank loan or deposit customer in good standing
- Maximum of $200,000
- For current borrowers, an amount not to exceed the lower of 20% of total existing commitments or maximum of an additional $200,000
- Variable rate loan at prime rate, currently 3.25%
- No origination fees
- 35 Month Term - Six months interest only, then 29 principal and interest using 60-month amortization
- Standard approval process, collateral and other terms apply
- Deposit only customers with no current loans, amount is lesser of 10% of aggregate annual revenue from sales (most recent 12 month period) or $100,000
- Subject to credit approval
To apply, please call your local branch to make an appointment or contact your banker.
Some restrictions apply.