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Business Incentives

(These programs and subsequent information are subject to change at any time and may or may not be available at the time of application. We apologize for any inconvenience.)

Training Incentives

Incumbent Worker Training

  • The Department of Development decides who qualifies
  • This program provides financial support to businesses for employee occupational skills training as an aid for helping local businesses grow Ohio's economy
  • Grants are limited to $1000 per employee and $200,000 per company

County Incumbent Worker Training

  • Eligible companies are those who are trying to improve skill of the current workforce to avoid layoff, improve employee satisfaction, and assist in skill building
  • This program provides financial support to businesses for employee occupational skills training as an aid for helping local businesses grow Ohio's economy
  • Companies with fewer than 100 employees receive 75% of training cost while companies with more than 100 employees receive 50% of training cost. Max $650 per employee

Ohio Investment Training Program (OITP)

  • New and expanding Ohio businesses are eligible for this program. It provides financial assistance and technology resources for customized training
  • This program supports community economic development with job creation and retention. It improves labor and management relations, increases productivity, and develops a highly skilled labor force
  • Up to 50% reimbursement for instructional costs, materials, and training related activities

Skills Trac

  • Large and small manufacturers are eligible
  • Workers will become more proficient with increased productivity, loyalty, and enhanced profitability

Ohio Skills Bank

  • Businesses and educators who are eligible are trying to match vocational needs to school budgets, coursework and counseling
  • Helps to support areas to determine skill shortages and build these skills through education

The Rapid Outreach Grant

  • Business and communities seeking assistance with growth and development are eligible for this grant
  • This program aids in the development and growth of business

Workforce Guarantee

  • Expanding or relocating companies are eligible
  • The state would provide free training and education through community and technical colleges and adult career centers to businesses that create more than 20 quality jobs per year
  • Grants in the amount of $750,000 or less are for industries including logistics, information technology, advanced manufacturing, bioscience, advanced energy, agriculture, and health care

Entrepreneurial Signature Program

  • Those eligible are single, not for profit organizations
  • This program is designed to increase technology based entrepreneurs in a specific geographical area that offers exceptional economic development prospects for that area
  • This is limited to technology based entrepreneurs and small technology based companies

Career Advancement Accounts

  • This program is available to people just entering the workforce, those between jobs, or present employees who need new skills to advance or retain employment
  • Current and future workers are able to gain the education and training needed to enter, retain, and advance in 21st century employment
  • $6000 maximum amount. Training to be completed by 6-30-09

The Third Frontier Project

  • Eligible to Ohio businesses that exhibit innovation, high tech focus, commercial product development, advanced manufacturing technology
  • This program provides affordable access to high tech workforce training and the opportunity for employment after completion
  • Provides reimbursement of up to 50% of costs up to $3000

Incentive Financing

Basic 7(a) Loan Guaranty (SBA)

  • Eligible for start ups and existing small businesses
  • This program helps qualified small businesses find financing when they are not eligible for normal lending
  • Loan maturity is up to 10 years on working capital, and can be up to 25 years for fixed assets

Certified Development Company, a 504 loan program (SBA)

  • Those eligible are small business needing "basic needs" financing
  • This program provides long term, fixed rate financing to small businesses to purchase real estate or machinery and equipment for expansion or modernization
  • Businesses must create or retain 1 job per $50,000 loaned by the SBA. Small manufacturers must create or retain 1 job per $100,000 or improve the economy of the area or achieve one or more public goals

Microloan, a 7(m) Loan Program (SBA)

  • Small businesses and non-profit child care centers needing small scale financing and technical assistance for start up or expansion are eligible for this program
  • Provides short term loans up to $350,000 for working capital or the purchase of inventory, supplies, furniture, fixtures, machinery, and/or equipment
  • Loans cannot be used to pay existing debt or to purchase real estate

Business and Industry Guaranteed Loans (USDA)

  • Eligibility requirements: 1) provide employment; 2) improve economic/environmental climate; 3) promote conservation, development and use of water for aquaculture; 4) reduce reliance on non-renewable energy resources
  • This program aims to improve the economic and environmental climate in rural areas
  • The total amount of the loan is not to exceed $10 million. Maximum repayment time is not to exceed 30 years for real estate and 15 years for machinery and equipment

Rural Business Enterprise Grants (USDA)

  • This program is for rural public entities, Indian tribes, and rural private non-profit corporations
  • It provides grants for projects that finance and bring development of small and emerging rural businesses that help to fund distance learning networks and employment related adult education programs
  • Project must be discussed with USDA Rural Development State Office

Rural Business Opportunity Grants (USDA)

  • Available to rural public bodies, rural non-profit corporations, rural Indian tribes, and co-ops with mainly rural members
  • This program promotes sustainable economic development in rural areas mainly through training and technical assistance
  • Project must be discussed with USDA Rural Development State Office

Rural Economic Development Loan Grant (USDA)

  • Non-profit utility companies are eligible
  • This program provides no interest loans to local utilities which, in turn, are passed on to local businesses for projects that create and keep employment in rural areas
  • Maximum loan amount $300,000

Section 9006 Grant Program (USDA)

  • Those eligible are farmers, ranchers, and rural small businesses who are able to prove financial need
  • This grant provides assistance for purchasing and installing renewable energy systems and/or make energy efficiency improvements
  • Grants are awarded on a competitive basis and can be for up to 25% of eligible cost

Section 9006 Guaranteed Loan Program (USDA)

  • Must be an agriculture producer or rural small business to qualify
  • Encourages commercial financing for renewable energy and energy efficiency projects
  • Maximum loan is 50% of project cost with a minimum of $5000 per project and maximum of $10 million per project

Ohio Enterprise Bond Fund (ODOD)

  • For expanding businesses who are able to show repayment and management capabilities
  • This program allows unrated companies access to national capital markets
  • Must be discussed with Regional Economic Development Director

Volume Cap Program (ODOD)

  • Eligible for low-income home buyers, student loans, construction or improvement of certain types of manufacturing facilities, solid waste treatment equipment or pollution abatement facilities, or multi-family rental housing developments
  • This program gives bond issuers the ability to finance projects at interest rates that are below conventional rates
  • Must be discussed with the Regional Economic Development Director

166 Direct Loan (ODOD)

  • Available to businesses that create or retain 1 job for every $15,000
  • Program provides loans for land and building acquisition, expansion or renovation and equipment purchases for eligible businesses
  • Restricted to up to 30% of total eligible costs

Regional 166 Direct Loan (ODOD)

  • Eligible business must retain 1 job for every $35,000 received
  • Program provides loans for land and building acquisition, construction, expansion or renovation, and equipment purchases for eligible businesses
  • Restricted to up to 40% of total eligible costs

Pioneer Rural Loan (ODOD)

  • Eligible in areas with labor surplus and distressed counties. The program looks for projects that will create or retain at least 1 job for every $35,000 of state investment during the first 3 years of the project
  • Provides loans for businesses locating or expanding in rural areas of Ohio. Business must demonstrate that they will create new jobs for people in Ohio rural areas. Loan may be used to buy land or buildings, for new construction, and renovation
  • Maximum loan amount not to exceed $750,000

Rural Industrial Park Loan (ODOD)

  • Program is for non-profit organizations that promote development in rural areas. Local government units are eligible to apply for financing of off-site infrastructure improvements
  • Provides direct loans and loan guarantees to rural, distressed local communities and other eligible applicants who are committed to well planned industrial parks
  • Maximum loan amount is the lesser of $1 million or 75% of total project cost

Urban Redevelopment Loan

  • This loan is for distressed MSA Central Cities: Municipality or designated non-profit Economic Development Organizations
  • This program removes development barriers from core urban property so that private sector jobs can be created
  • Maximum loan amount is the lesser of $5 million or 40% of the total project cost

Innovation Ohio Loan Program (ODOD)

  • This is for leading technology companies who need financial resources for product commercialization
  • The program funds the acquisition, construction, renovation, or improvement of facilities, and the acquisition and installation of equipment for innovation projects that create new products and services
  • Maximum loan amount is 75% of qualifying cost of project

Research and Development Investment Loan Fund Program (ODOD)

  • Program is for projects where research is done for the purpose of discovering and developing new products or processes, techniques, formulas, or inventions
  • Provides incentives for Ohio companies to make new investments in research and development activities
  • Maximum annual tax credit is $150,000