Sidney Shelby Economic Partnership | Financial Incentives

Business Financial Incentives

Basic 7(a) Loan Guarantee (SBA)

Eligible for startups 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.

504 Loan Program (SBA)

Those eligible are small businesses 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 goal

Small businesses and non-profit child care centers needing small scale financing and technical assistance for startup 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.

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.

A refundable state franchise or income tax credits for businesses that create full-time positions at an Ohio facility. (Terms are based on payroll and investment. In most cases, 25 new jobs must be created. 10 high-paying jobs qualify in some circumstances.)

Program exists to promote economic development, business expansion and job creation by providing funding for eligible projects in the state of Ohio.

USDA offers a variety of funding opportunities for rural small businesses through loans, loan guarantees and grants.
Programs target manufacturing, energy, broadband development, microentrepreneur assistance, and much more.
Visit www.rd.usda.gov for more information.

For expanding businesses who are able to show repayment and management capabilities.
This program allows unrated companies access to national capital markets.
Typical projects range from $25 to $10 million.

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.

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.

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 up to 40% of total eligible costs.

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.

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.