Dayton and Cincinnati ports strengthen lending capacity by $5 million

Economy Linen and Towel Service in downtown Dayton. CORNELIUS FROLIK / STAFF
Economy Linen and Towel Service in downtown Dayton. CORNELIUS FROLIK / STAFF

Port authorities in both Dayton and Cincinnati have boosted their lending capacity by $5 million, they said Wednesday.

The Dayton-Montgomery County Port Authority, with the Port of Greater Cincinnati Development Authority, announced a $5 million increase in their joint Southwest Ohio Regional Bond Fund Parity Reserves.

Parity Reserves are common reserves held in the Southwest Ohio Bond Fund (SWORBF) and are available to make bond debt service payments on behalf of borrowers and supplement funds to support economic development projects.

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The Dayton port has recently announced support to expansions by White Castle and Economy Linen, among other projects.

“Through our bond fund we have supported various regional projects including Delco Lofts in Dayton, a Village of Versailles infrastructure project, a KAO Corp. expansion in Cincinnati, the Dayton Regional STEM School buildout, the Dayton Arcade redevelopment, the Randall Residence of Centerville infrastructure and many others,” said Joseph Geraghty, executive director of the Dayton-Montgomery County port.

The $5 million reserve increase allows both organizations to increase lending capacity.

The Dayton-Montgomery County Port Authority serves a 14-county service area around Dayton.

The fund is rated A- by S&P Global and due to this investment grade, the Dayton and Cincinnati ports can offer “very competitive, long term, fixed-rate financing,” they said in their release.

Both Port authorities’ lending rates are the lowest of any ports in the Southwest Ohio region, Geraghty said.

“We are proud of our SWORBF capabilities and excited about our increase in lending capacity which allows us to fulfill our regional economic development mission,” said Mary Jean “MJ” Miller, Dayton-Montgomery County port board chair and attorney with Thompson Hine, LLP. “We successfully collaborate with communities throughout Southwest Ohio to help drive development and job creation and help both for-profit companies and non-profit organizations thrive.”

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