Business Financial Incentives

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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

Microloan Program (SBA)

  • 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.

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.

Ohio Job Creation Tax Credit

  • 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.)

JobsOhio Economic Development Grant

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

Rural Development Loans & Programs (USDA)

  • 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.

Ohio Enterprise Bond Fund (ODSA)

  • 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.

Volume Cap Program (ODSA)

  • 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.

166 Direct Loan (ODSA)

  • 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 (ODSA)

  • 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.

Innovation Ohio Loan Program (ODSA)

  • 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 (ODSA)

  • 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.

 

Below are websites to visit for additional information regarding Financial Incentives:

 

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