Incentives
Grant funding and tax credits are highly valued incentives for new and expanding businesses. State, regional and local municipalities offer programs designed to support business growth through these benefits. Funding decisions consider various project factors, including job creation, payroll, fixed-asset investments, project location, and return on investment. The OCIC can support your business venture by offering financing solutions to help achieve your objectives.
Loan & Grant Programs
Revolving Loan Fund (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.
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.
Revolving Loan Fund (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.
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.
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.
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.
Vetloan Advantage Program
Through the VetLoan Advantage Program, all Ohio Statewide Development Corporation (OSDC) loans to small businesses with veteran ownership of 50% or more will have their Application Fee waived and receive a rebate of up to $3,000 on their appraisal.
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 and other loan terms similar to those of commercial bank financing.
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.
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. Up to $10 million in financing is available through the program.
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.
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. The minimum loan amount is $45,000 up to a maximum of $500,000.
Ohio GrowNOW
Small business owners can receive up to a 3% interest rate reduction on new or existing loans up to $400,000 for two years, with the opportunity for renewal. Businesses must commit to creating or retaining at least one full-time or two parttime jobs in the State of Ohio for every $50,000 borrowed.
BWC Safety Grants
BWC offers a wide range of safety grants designed to help employers increase workplace safety and decrease risks. BWC grants support initiatives across various industries, from manufacturing to health care, developing a culture of safety and well-being for employees.
JobsOhio Incentives
JobsOhio partners with state, regional, local, county, and others to offer customized incentive packages with performance-based eligibility metrics. Each local incentive is determined on an individual project basis by considering factors such as job creation, payroll and capital investment.
State Tax Credits
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 3 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.
Data Center Tax Exemption
The Data Center Tax Exemption provides a sales-tax exemption rate and term that allow for partial or full sales tax exemption on the purchase of eligible data center equipment. Projects must meet minimum investment and payroll thresholds to be eligible. Final approval of the tax exemption is contingent upon the approval of the Ohio Tax Credit Authority.