FOR IMMEDIATE RELEASE        
Gary Madrzykowski
April 15, 2007                                      
419-882-8313, ext. 33

SCIC Creates Linked Deposit Program.

Sylvania area companies can now access business loan assistance to expand facilities, increase employment, and enhance economic activity through a newly-created Linked Deposit Program. The Sylvania Area Community Improvement Corporation (SCIC) authorized the Linked Deposit Program at its April 9 Board meeting, allocating $250,000 to the fund for the balance of 2008.

Linked Deposits work as follows: the SCIC will receive 3% reduced earnings on its Certificates of Deposit at area banks as long as the bank passes along the 3% savings to the company or participant via a reduced loan interest rate. The Certificates of Deposit are provided only to reduce the interest rate and not as collateral, therefore the principal of the SCIC’s funds are not at risk.

The program has a $50,000 maximum allocation per project, with special consideration to proposals leading to job creation and economic impact in the Sylvania area. Companies receive emphasis if they apply in partnership with the Lucas County or State of Ohio Linked Deposit Program.

For information or to apply for the Linked Deposit Program, contact the SCIC office at 419-842-8108.
The SCIC serves the needs of the Sylvania School District, City of Sylvania, Sylvania Township, and private businesses and supported development projects since 1968. The non-profit organization formed to benefit the tax base of the Sylvania School District. The long-term SCIC philosophy is strong schools equate to a strong community for business purposes and quality of life. The Sylvania Area Community Improvement Corporation – Staying Strong for Sylvania!

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