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Follow this link
Cascade Capital
Corp.PDF to view a
spreadsheet of the most frequently utilized economic development
financing programs in PDF format. The spreadsheet was provided by
the Cascade Capital
Corporation, which has been financing new and expanding businesses
since 1982. Please note, opening PDF files requires
Adobe Acrobat Reader, which may be downloaded free at
www.adobe.com.
More detailed financing information and agency contact
numbers are listed below. Click the links below, or scroll down.
For more information, use the
contact us form or call. Contact information is provided
at
bottom of page.
Visit
www.resourceohio.com
to browse additional financing and other business services and
incentive programs provided by the Ohio Department of
Development. |
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Industrial
Development Revenue Bond |
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Business/Project |
Manufacturing
only. Fixed assets only, which includes land, building and fixed
equipment. |
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Rate/Terms |
Loan amount range from $750,000 minimum
and up to $10,000,000 maximum. Up to 100% of project cost for
up to 20 years. Variable and fixed
rates, starting at two-thirds of prime rate. Requires Letter of
Credit from lending institution. Prevailing wage rates apply. |
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Eligibility |
Manufacturing
only. Must create one or more jobs. |
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Apply
To |
Portage County Port Authority |
|
Contact |
Portage
County Port Authority (330) 297-3470
Web site: www.portageport.com
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Fixed-Rate Financing Program (Bond Fund) |
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Business/Project |
The SCPA Bond Reserve Fund offers
long-term, fixed-interest-rate financing for qualified industrial,
commercial and public projects. |
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Rate/Terms |
Projects from $1 to $6 million; expansion or
construction of new facilities in Portage and Summit
County and Northeast Ohio. Fixed interest rate based on taxable or
tax-exempt bond rate at time of sale. Sales tax exemption for
all construction and building materials. The $5 million Bond Reserve
Fund has an investment-grade credit rating of BBB+ by Fitch IBCA. |
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Eligibility |
Credit-worthy small and medium
companies and non-profit agencies. |
|
Apply
To |
Summit County Port Authority |
|
Contact |
Summit County Port Authority
at (330) 762-4776
Web Site: www.summitportauthority.org |
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SBA
504 Loan |
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Business/Project |
Fixed
assets only (land, building and fixed equipment) for user with net
worth less than $6 million, or after-tax-2-year net profit average
under $2 million. |
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Rate/Terms |
$750,000
up to 40% of total project cost, fixed at 1% above treasury bond
rates for a similar term may go up to $1 million in rural areas;
term of 10 or 20 years. Federal dollars cannot exceed 50% of
project cost. |
|
Eligibility |
Cash
flow must be greater than debt service; appraisal; must create one
Ohio job for every $50,000 received. |
|
Apply
To |
Cascade
Capital Corporation in Akron |
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Contact |
Robert
C. Filipiak, (330) 379-3160 Ext. 231
E-Mail
filipiak@cascadecapital.org
Web Site: www.cascadecapital.org |
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Ohio
166 Regional Loan Program |
|
Business/Project |
Land
and building acquisition, expansion or renovation, and equipment
purchase; industrial projects preferred. |
|
Rate/Terms |
Up to
40% of total eligible fixed cost ($350,000 maximum); rate
negotiable for 5 - 15 years; equity minimum 10%, bank minimum 25%.
Ohio prevailing wage rate applies. |
|
Eligibility |
Must
show repayment and management capabilities; must create one job
for every $25,000 received. |
|
Apply
To |
Cascade
Capital Corporation in Akron |
|
Contact |
Robert
C. Filipiak, (330) 379-3160 Ext. 231
E-Mail
filipiak@cascadecapital.org
Web Site: www.cascadecapital.org |
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Community
Development Block Grants |
|
Business/Project |
Projects
must help in the development and revitalization of local
communities. Must be fixed assets related to commercial,
industrial or infrastructure. |
|
Rate/Terms |
$500,000
maximum grant to small city or non-urban county on behalf of a
business project. Available to user or developer, at approximately
5% to 7% fixed (based on need); flexible term. |
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Eligibility |
Project
must create or retain at least 5 jobs; 51% of all jobs must be for
persons from low- and moderate-income households; federal
prevailing wage rates may apply; environmental review covering
entire project must be performed; 5% equity in fixed assets;
minimum 1:1 leverage; maximum $25,000 in request for each
full-time job. Infrastructure grants require local participation
based on distress levels. |
|
Apply
To |
Local
community if project is located in a city,
Neighborhood Development Services if located in township or village. |
|
Contact: |
Neighborhood Development Services (330)
297-6400
http://www.ndsohio.org |
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Ohio
Enterprise Bond Fund |
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Business/Project |
Land
and building acquisition, construction, expansion or renovation,
and equipment purchase for commercial or industrial projects
between $1 million and $10 million in size. |
|
Rate/Terms |
Long-term,
fixed rate for up to 16 years; interest rate based on Standard
& Poor's A-minus rating, for up to 90% of total project
amount. |
|
Eligibility |
Must
show repayment and management capabilities, and must be able to
document job creation or retention; Ohio prevailing wage rate
applies. |
|
Apply
To |
Office
of Financial Incentives, Ohio Department Of Development. |
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Incentives |
Long-term,
fixed rate for up to 90% of total project costs; access to
national capital markets for unrated companies; may not require
third-party credit enhancement. |
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Contact |
The
Governor's Economic Development Outreach Office at (330) 643-3392. |
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Direct
Loan (166 Loan) |
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Business/Project |
Land
and building acquisition, expansion or renovation, and equipment
purchase; industrial projects preferred. |
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Rate/Terms |
Up
to 30% of total eligible fixed cost ($1 million maximum, $350,000
minimum), two-thirds of prime fixed rate for 10-15 years; equity
minimum 10%, bank minimum 25%. In distressed areas of the State,
preferential rates and terms are available. However, the Director
of Development may authorize a higher loan amount or modified
terms which address a unique and demonstrated economic development
nee |
|
Eligibility |
Must
show repayment and management capabilities; must create one job
for every $25,000 received; Ohio prevailing wage rate applies. |
|
Apply
To |
Office
of Financial Incentives, Ohio Department Of Development. |
|
Contact |
The
Governor's Economic Development Outreach Office at (330) 643-3392. |
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Linked
Deposit Program |
|
Business/Project |
Fixed
assets, working capital and refinanced-debt for small businesses,
creating or retaining jobs. A similar Agricultural Linked Deposit
Program provides funds for Ohio farmers to help meet planting
deadlines. |
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Rate/Terms |
3%
below current lending rate fixed for 2 years (possible 2 year
extension); bank may then extend term at current rates. (All other
sources of funds allowable.) The Agricultural Linked Deposit
Program provides up to $100,000 per farm at reduced rate,
approximately 4% below borrower’s current rate. |
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Eligibility |
Must have Ohio headquarters and no divisions out of state, create
one job for every $15,000 to $25,000 received, have 150 or fewer
employees, be organized for profit, and have bank loan from eligible
state depository. The
Agricultural Linked Deposit Program is available for Ohio full-time
farmers. Criteria include need, debt-to-equity cash flow, bank loan
from eligible state depository or Production Credit Association. |
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Apply
To |
Financial
institution that has been approved as a state depository for the
Agricultural Linked Deposit Program, eligible lending institutions
and Farm Credit Service offices throughout Ohio. Applications
available early in the calendar year. |
|
Contact |
Public
Affairs Office, Treasurer of State (614) 466-8855 or
1-800-228-1102 (in Ohio). |
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Minority
Direct Loan |
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Business/Project |
Purchase
or improvement of fixed assets for state-certified minority-owned
businesses. |
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Rate/Terms |
Up
to 40% of total project cost at 4.5% fixed for up to 10years
(maximum). Equity required. |
|
Eligibility |
Must
show repayment ability, management capabilities; create one job
for every $15,000 received; company must be at least
51%minority-owned and controlled. Ohio prevailing wage rates apply
for construction. |
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Apply
To |
Office
of Minority Financial Incentives. Incentives: Rate, term,
availability, greater bank security. |
|
Contact |
Office
of Minority Financial Incentives, ODOD (614) 644-7708
or1-800-848-1300. |
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Minority
Business Bonding Program
|
|
Business/Project |
Surety
bonding assistance for state-certified minority businesses. |
|
Rate/Terms |
Maximum
bond pre-qualification of up to $1,000,000 per Minority Business.
The bond premium for each bond issued will not exceed two percent
of the face value of the bond. |
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Eligibility |
Must
be state-certified minority business who has been denied a bond by
two surety companies within its current fiscal year. The project
for which bonding is sought must be economically sound and benefit
the people of the State by increasing opportunity for employment
and by expanding minority business enterprise. The proposed
minority business must not have defaulted on a previous bond. |
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Apply
To |
Office
of Minority Financial Incentives. |
|
Contact |
Office
of Minority Financial Incentives, ODOD (614) 644-7708 or
1-800-848-1300. |
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Local
Revolving Loan Funds |
|
Business/Project |
Projects
must create or retain jobs; 51% of all jobs must be for persons
from low- and moderate-income households; federal prevailing wage
rates may apply; and an environmental review covering entire
project must be performed. All Community Development Block Grant
guidelines must be met, including documentation of all project
aspects. |
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Rate/Terms |
Loan
ceiling determined locally or by availability. Available to user
or developer, typically at 5% to 7% fixed; flexible term.
Appropriate use of federal program income funds determines
participation level of community. |
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Eligibility |
Projects
must create and/or retain jobs and help develop, rehabilitate or
revitalize a participating "small city" community. Financing
is usually approved for fixed assets related to commercial,
industrial or infrastructure. |
|
Apply
To |
Local
community if project is located in a city, Portage Area
Development Corporation if located in township or village. |
|
Contact |
Neighborhood Development Services (330)
297-6400
http://www.ndsohio.org |
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You
can explore all of the State of Ohio business assistance
programs, and link your business web site to Ohio's home page by
following the "Connect Ohio" link on the "Related
Links" page. For more information, please
contact
us.
Portage County Department of Economic Development
William J. Ulik, Director
E-mail:
wulik@portageco.com
Diana Fierle, Executive Assistant
E-mail:
dfierle@portageco.com
217 S. Chestnut St.
Ravenna, Ohio 44266
Phone: (330) 297-3470 Fax: (330) 297-3472
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