EXPANSION & NEW CONSTRUCTION

Expansion & New Construction

 

Funding Options & Incentives

The Targeted Investment Program (TIP) supports the growth and expansion of targeted small businesses within Ohio’s manufacturing, production logistics, agribusiness, or food processing value chains. TIP offers debt instruments tailored to the specific needs of the company at or below market interest rates. TIP targets small businesses that have received first or second round equity funding.

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The Regional 166 Direct Loan Program (Regional 166 Direct Loan) promotes economic development, business expansion and job creation by providing financial assistance for allowable costs of eligible projects in the State of Ohio.

The Ohio Development Services Agency’s (ODSA) Regional 166 Direct Loan provides low-interest loans to businesses creating new jobs or preserving existing employment opportunities in the State of Ohio.

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The CDC/504 Loan Program provides financing for major fixed assets such as equipment or real estate.

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The Ohio Community Reinvestment Area program is an economic development tool administered by municipal and county government that provides real property tax exemptions for property owners who renovate existing or construct new buildings. The program is delineated into two distinct categories, those created prior to July 1994 (“pre-1994”) and those created after.

In order to use the Community Reinvestment Area program, a city, village, or county petitions to the Ohio Development Services Agency (ODSA) for confirmation of a geographical area in which investment in housing has traditionally been discouraged (click here for the process to establish a Community Reinvestment Area). Once an area is confirmed by the Director of ODSA, communities may offer real property tax exemptions to taxpayers that invest in that area.

Businesses interested in pursuing this incentive should contact the local Community Reinvestment Area Housing Officer in the city, village, or county (in the case of a township location) of the potential investment.

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The Ohio Enterprise Zone Program is an economic development tool administered by municipal and county governments that provides real and personal property tax exemptions to businesses making investments in Ohio.

Enterprise zones are designated areas of land in which businesses can receive tax incentives in the form of tax exemptions on eligible new investment. The zone’s geographic area is identified by the local communities involved in the creation of the zone. The boundary should (1) include areas appropriate for business development, (2) have a single continuous boundary, (3) meet minimum population requirements, and (4) evidence the distress characteristics, when applicable. Once a zone is defined, the local legislative authority participating in the creation must petition the director of the Development Services Agency. The director must then certify the area for it to become an active Enterprise Zone.

Local communities may offer tax incentives for non-retail projects that are establishing or expanding operations in the State of Ohio. Real property investments are eligible for tax incentives, as well as personal property investments for those entities that continue to pay personal property tax. Tax incentives are negotiated at the local level, and an enterprise zone agreement must be in place before the project begins. Businesses interested in pursuing these incentives should contact the local Enterprise Zone Manager.

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The Community Development Block Grant Program is administered by the Office of Community Development and provides federal funding to communities to address a variety of needs. Below are the programs available to communities through the Ohio Development Services Agency Community Development Block Grant Program (CDBG).

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Expansion & New Construction