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Businesses / Industry >> Strategic Business Investment Business Incentives Loans and Grants Ohio Enterprise Bond Fund Rate / Terms: Benefits: Eligibility: Contact Phone Number: Program Guidelines: Click Here (PDF) Rates / Terms: Benefits: Eligibility: Contact Phone Number: 166 Direct Loan Rates / Terms: Benefits Eligibility Contact Phone Number Program Guidelines: Click Here (PDF) Regional 166 Direct Loan Rate / Terms: Benefits Eligibility Contact Phone Number Program Guidelines: Click Here (PDF) Rate / Terms: Benefits: Eligibility: Contact Phone Number: Program Guidelines: Click Here (PDF) Urban Redevelopment Loan Rate / Terms: Benefits: Eligibility: Contact Phone Number: Program Guidelines: Click Here (PDF) Innovation Ohio Loan Fund Program Rates / Terms: Benefits: Eligibility: Contact Phone Number: RFP for External Evaluators: Click Here Fund Portfolio: Click Here Research & Development Investment Loan Fund Program Rate/Terms: Benefits: Eligibility: Eligible projects are defined as those in which research is undertaken for the purpose of discovering and developing new or improved products, processes, techniques, formulas or inventions. Contact/Phone Number: Program Guidelines: Click Here (PDF)
Provides loans for land and building acquisition, construction, expansion or renovation and equipment purchases for eligible businesses.
Long-term, fixed rate for up to 20 years;
Interest rate based on Standard & Poor's AA-minus rating, for up to 90% of total project amount.
Access to national capital markets for unrated companies
May not require third-party credit enhancement
Must show repayment and management capabilities. Must be able to document job creation or retention Ohio prevailing wage rate applies
Office of Financial Incentives (614) 466-5420 or (800) 848-1300
Volume Cap Program
Federally authorized programs providing authority to issue tax-exempt bonds for select private (non-governmental) activities
Project funding is awarded to sections 122-4-01 to 122-4-08 OAC.
Authorizes bond issuers with ability to finance projects at interest rates below that of the conventional market
Must involve mortgage loans to low-income home buyers, student loans, construction or improvement of certain types of manufacturing facilities, solid waste treatment equipment or pollution abatement facilities, or multifamily rental housing development or renovation.
Office of Financial Incentives (614) 466-5420 or (800) 848-1300.
Provides loans for land and building acquisition, expansion or renovation, and equipment purchase.
Up to 30% of total eligible fixed cost ($350,000 - $1 million);
Two-thirds of prime fixed rate for 5-15 years;
Equity minimum 10%;
In distressed areas of the state, preferential rates and terms are available;
State Development Director may authorize a higher loan amount or modified rate and terms that address a unique and demonstrated economic development need.
Rate, Term, and Availablility
Must show repayment and management capabilities; Must create or retain 1 job for every $15,000 received or $35,000 in Priority Investment Areas Ohio prevailing wage rate applies.
Office of Financial Incentives (614) 466-5420 or (800) 848-1300
Provides loans for land and building acquisition, construction, expansion or renovation and equipment purchases for eligible businesses. Twelve local economic development agencies administer the program.
Up to 40% of total eligible fixed cost ($350,000 maximum);
Rate negotiable for 5-15 years;
Equity minimum 10%;
State Controlling Board approval required.
Low fixed rate; Long term availability for smaller projects
Must show repayment and management capabilities;Must create or retain 1 job for every $35,000 received; Ohio prevailing wage rate applies.
Office of Financial Incentives (614) 466-5420 or (800) 848-1300
Rural Industrial Park Loan
Provides direct loans and loan guarantees to rural, distressed local communities and other eligible applicants committed to creating well-planned industrial parks.
The maximum loan available is the lesser of $1 million dollars or 75% of total project costs. The maximum loan term available is 15 years. During the first five years of the loan, the annual interest rate shall be zero percent. In year six and thereafter, the annual interest rate will be set at a rate no greater than 50 percent of the prime rate which shall be determined solely by the Director of the ODOD. Payment of the loan principal may be deferred until revenues are generated from the project, up to a maximum of five years.
Availability of newly constructed buildings and completed infrastructure to encourage business expansion in rural Ohio
Nonprofit organizations that promote economic development in rural areas; Local governmental units are eligible to apply for the financing of off-site public infrastructure improvements (i.e., water, sewer, roads, etc.).
Office of Financial Incentives(614) 466-5420 or (800) 848-1300
Removes development barriers from urban core property so that private sector job opportunities can be created.
The maximum loan available is the lesser of $5 million dollars or 40% of eligible costs. The maximum loan term is up to 15 years.
Principal and interest may be deferred for the first 5 years.
The interest is no greater than 50% of the prime rate as determined by the Director of Development.
Municipalities will be limited to a $10 million loan balance and no more than three projects can be undertaken at a time.
Availability of funds.
Redevelopment of urban properties.
Distressed MSA Central Cities - Municipality or designated nonprofit economic development organization
Land and building acquisition, infrastructure improvements, brownfield site remediation activities, and building renovation/demolition.
Office of Financial Incentives (614) 466-5420 or (800) 848-1300
The IOF can finance up to 75 percent of a project’s qualifying costs through loans in the range of $500,000 to $3 million.
While loan terms will be individually negotiated, interest rates will be prime (as of proposal submission deadline) +2% and the loan term will be in the range of 4-7 years. Additional fees will bring the total cost of funds to an effective rate of 8% to 12%.
Provides financial resources for product commercialization for leading technology companies
Allowable costs include the acquisition, construction, renovation or improvement of facilities, and the acquisition and installation of equipment for innovative projects that create new products and services.
Office of Financial Incentives (614) 466-5420 or (800) 848-1300 x65420
The Research and Development Investment Loan Fund (R&D Fund) was created to promote economic development, business expansion and job creation by encouraging private-sector R&D investments. The R&D Fund provides assistance in the form of a low-interest loan, partnered with a tax credit.
Businesses that are meeting the program requirements (i.e. job creation commitments, timely loan repayments, commitment to R&D activities, etc.) will be eligible for a dollar-for-dollar credit against their Ohio tax liability, equal to the amount of principal and interest repaid on the loan. The maximum annual credit is $150,000.
Incentivizes Ohio companies to make new investments in Research and Development activities.
Office of Financial Incentives (614) 466-5420 or (800) 848-1300 x65420
© 2006 State of Ohio Department of Development
