FINANCING & TAX CREDITS

Grant funding and tax credits are among the most sought after incentives of new and expanding businesses. JobsOhio and the local municipalities within Ottawa County have programs in place offering these benefits to encourage business growth. Funding decisions are based on a number of project factors, including but not limited to job creation, payroll figures, fixed-asset investment commitment, project location and project return on investment. OCIC has access to several different financing tools, which offer creative structures, competitive rates and terms, and compatibility with private lender programs.

Loan and Grant Programs

COMMUNITY DEVELOPMENT
BLOCK GRANT

The Community Development Block Grant Program (CDBG) is designed to provide for the needs of low-to-moderate-income employees and underserved population of the community by assisting with economic development activities, neighborhood revitalization through capital improvements and emergency repair programs, and public service programs through local government and non-profit organizations.

CONTACT REG. PLANNING COMMISSION

REVOLVING LOAN FUND
PROGRAM (OCIC)

The OCIC’s Revolving Loan Fund (RLF) Program is designed to assist business with gap financing projects that are considered to be high risk to lenders. Applicants must be a for-profit business and located within Ottawa County. For new business start-ups, a business plan with projections is required. The project must represent a significant economic development impact for the community.

CONTACT OCIC

REVOLVING LOAN FUND
PROGRAM (TOLEDO)

The Toledo-Lucas County Port Authority’s Revolving Loan Fund is designed for eligible businesses throughout Lucas, Ottawa and Wood Counties in Ohio as a gap financing tool. The RLF helps address a regional weakness in access to capital and support the overall goals of the Comprehensive Economic Development Strategy (CEDS) for the region, as one job will be created or retained for every $50,000 distributed.

CONTACT TLC PORT AUTHORITY

ERIE BASIN REVOLVING LOAN FUND

The Erie Basin Revolving Loan Fund is designed to help local businesses and to create jobs in their 10-county area. Funding assistance is provided for purposes that result in private sector job creation and contribute to the development or stabilization of natural resources. Erie Basin RLF loans are of three types to credit worthy applicants including: Natural Resource Based/Recycling/Recreation; Downtown Revitalization; and Renewable Energy Loans. Funding ranges from $15,000 to $25,000.

ERIE BASIN RLF LOANS

SBA 504 LOANS

The SBA 504 Loan Program provides long-term, fixed rate financing of up to $5 million for major fixed assets that promote business growth and job creation. 504 loans are available through Certified Development Companies (CDCs), SBA’s community-based partners who regulate nonprofits and promote economic development within their communities. For more information or to find out if your business is eligible, please visit SBA website.

SBA LOANS

AMBER GRANTS

WomensNet founded the Amber Grant, one of the very first online organizations to give women-owned business grants. Amber Grants include a monthly $10,000 Amber Grant to a woman entrepreneur and an annual $25,000 Amber Grant to one of the preceding 12 monthly Amber Grant winners. Categories of women-owned businesses include skilled trades, health and fitness, food and beverage, sustainability, animal services, child care, technology and more.

AMBER GRANTS
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Loan and Grant Programs

ECONOMIC DEVELOPMENT GRANT

The JobsOhio Economic Development Grant exists to promote economic development, business expansion and job creation by providing funding for eligible projects in the state of Ohio.

GROWTH FUND

The JobsOhio Growth Fund provides capital for expansion projects to companies that have limited access to funding from conventional, private sources of financing.

R&D CENTER GRANT

The JobsOhio Research and Development Center Grant facilitates the creation of corporate R&D centers in Ohio to support the development and commercialization of emerging technologies and products.

WORKFORCE GRANT

The JobsOhio Workforce Grant promotes economic development, business expansion and job creation by providing funding to companies for employee development and training programs.

INCLUSION GRANT

The JobsOhio Inclusion Grant exists to provide financial support for eligible projects in designated distressed communities and/or for businesses owned by underrepresented populations across the state.

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To explore more economic development incentives for your business, visit JobsOhio’s website.

JOBSOHIO

State Loans, Grants & Tax Credits

166 DIRECT
LOAN

The 166 Direct Loan gives eligible businesses loans for land and building acquisition, construction, expansion or renovation, and equipment purchases. The program provides low-interest loans up to 40 percent of the cost not to exceed $1.5 million.

R&D INVESTMENT
LOAN FUND

The Research and Development Investment Loan Fund provides loan financing ranging from $500,000 to $5 million for projects primarily engaging in R&D activity. The loans have fixed rates (at or below market rates) and other loan terms similar to those of commercial bank financing.

OHIO ENTERPRISE
BOND FUND

The Ohio Enterprise Bond Fund offers revenue bond financing through an S&P-rated fund, whereby proceeds from the sale of bonds are loaned to companies for fixed-rate, long-term capital asset financing.

INNOVATION OHIO
LOAN FUND

The Innovation Ohio Loan Fund provides loans for acquisition, construction and related capital costs of technology, facilities and equipment purchases. The fund was created to help Ohio companies develop next-generation products and services within the state’s key industry sectors.

ROADWORK DEVELOPMENT
(629) FUNDS

Roadwork Development (629) Funds are available for public roadway improvements, including engineering and design costs. Funds are accessible for projects that create or retain jobs and primarily involve manufacturing, technology, research and development, corporate headquarters and distribution activity.

OHIO MEAT
PROCESSING GRANT

The Ohio Meat Processing Grant provides grants of up to $250,000 to Ohio livestock and poultry producers so they can implement processing efficiencies, expand or construct facilities at existing sites, assist in training and certification, and improve harvest services.

JOB CREATION
TAX CREDIT

The Job Creation Tax Credit is a refundable and performance-based tax credit calculated as a percent of created payroll and applied toward the company’s commercial activity tax liability. Companies creating at least 10 jobs (within three years) with a minimum annual payroll of $660,000 and that pay at least 150% of the federal minimum wage are eligible for the credit and must apply for the credit before committing to a project.

SMALL BUSINESS
CREDIT INITIATIVE

In October 2022, Ohio was approved by the U.S. Department of Treasury to receive funding through the federal State Small Business Credit Initiative (SSBCI) to support small businesses across the state. Funding will be split up among the CDFI Loan Participation Program, Ohio Collateral Enhancement Program, Ohio Venture Fund and Early Stage Focus Fund.

WOMEN’S BUSINESS
ENTERPRISE LOAN

The Women’s Business Enterprise Loan is designed to stimulate the growth of existing women-owned businesses by providing loans at market rate or below market rate interest (currently up to 3%). The minimum loan amount is $45,000 up to a maximum of $500,000. Loans will be repaid within 10 years for equipment and machinery and 15 years for owner-occupied real estate.

To explore more state incentives, visit the Ohio Department of Development’s website.

OHIO DEPARTMENT OF DEVELOPMENT