MACHINERY & EQUIPMENT

Funding Options & Incentives

 

Funding Options & Incentives

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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Program provides fixed, low-interest rate loans to certified minority-owned businesses that are purchasing or improving fixed assets and creating or retaining jobs. The loans can be used to finance up to 40 percent of the project value. The Minority Direct Loan Program focuses on several factors to determine the eligibility, chief among those determinations are the number of jobs created and/or retained as a result of the State’s investment, the extent of participation by the business and a conventional lender in the project; and the demonstration by the business that the State’s assistance is necessary in order for the project to go forward.

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The Research and Development Sales Tax Exemption exempts business from the entire state and county sales tax for purchases of qualified machinery and equipment used primarily for research and development. This exemption provides significant savings for companies undertaking research and development activities in Ohio.

The exemption applies to machinery and equipment included in research and development activity in both direct and pure research. Direct research refers to research conducted to design, create or formulate new or better products, equipment or processes. Pure research refers to scientific or technological inquiry and experimentation in the physical sciences.

To receive the tax exemption, the purchaser/vendor must complete an Ohio Department of Taxation Sales and Use Tax Blanket Exemption Certificate.

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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 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.

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Natural resource-based business / recycling loans, downtown revitalization loans in communities of less than 25,000 population, and renewable energy loans to help farms and rural businesses to be more energy efficient through renewable energy sources: geothermal, solar, and wind.

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Machinery & Equipment