NEW RECREATION MARINE LOAN PROGRAM HELPS IMPROVE BOATING ACCESS ALONG OHIO WATERWAYS
Open application process underway
COLUMBUS, OH - Applications are being accepted year round for the new Recreation Marine Loan Program, which aims to help develop new recreational marinas and enhance existing marina facilities across the state, according to the Ohio Department of Natural Resources (ODNR).
The Recreation Marine Loan Program establishes a financial relationship between the ODNR Division of Watercraft, qualified marina facility owners and private lending institutions. The division provides an economic incentive for private lenders to lower the interest rate to the borrower by placing a linked deposit with the lending institution. In order to maintain the linked deposit, participating marinas must meet annual performance indicators established by the division to insure the facility is properly maintained and operated according to strict safety and public access guidelines.
“By obtaining pre-approval from the Division of Watercraft at any time, a marina owner can now apply for a low-interest loan from a private lending institution, making marina development more affordable,” said Michael E. Quinn, acting chief of the ODNR Division of Watercraft. “This program offers a very creative solution to the biggest problem identified by Ohio boaters, which is improved boating access.”
Project amenities eligible for funding through this program include construction of docks, breakwaters, vehicle parking and boating facility infrastructure improvements, erosion control, construction dredging, land acquisition and certain types of engineering costs.
Project activities not eligible for inclusion in the program include planning and feasibility studies, conceptual engineering and design, administrative fees, attorney fees and maintenance costs.
An application form and additional information are available at ohiodnr.com.