Business Incentives Loans & Bonds – Ohio Department of Development

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Areas Served: Statewide Ohio

The Ohio Department of Development offers several business loan programs and incentives for businesses in Ohio.

166 Direct Loan Provides loans for land and building acquisition, expansion or renovation, and equipment purchase.

Innovation Ohio Loan Fund Program Provides loans for acquisition, construction, and related costs of technology, facilities, and equipment purchase.

Ohio Capital Access Program Encourages state chartered financial institutions to make loans to for-profit or nonprofit small businesses that are creating or retaining jobs by establishing a unique reserve account at lending institutions.

The state, the lender, and the business each make a small contribution to the account.

The reserve account is available to the lender for recovery of losses associated with any loan the lender has enrolled in the program.

Ohio Enterprise Bond Fund Provides loans for land and building acquisition, construction, expansion or renovation, and equipment purchases for eligible businesses.

Minority Business Direct Loan Program Provides fixed, low-interest rate loans to certified minority-owned businesses that are purchasing or improving fixed assets and creating or retaining jobs.

Minority Business Bonding Program Provides bid, performance, and payment surety bonds to state certified minority-owned businesses that are unable to obtain bonding through standard surety companies.

Regional 166 Direct Loan 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.

Research & Development Investment Loan Fund Program Provides loans commitment to Research and Development activities.

Volume Cap The Ohio Volume Cap Program provides a federal tax benefit by allowing eligible issuers to issue tax exempt Private Activity Bonds up to a state limit known as the “Volume Cap.

” The State of Ohio’s allocation of Volume Cap is determined annually by the Internal Revenue Service on a per capita basis for eligible projects consisting of manufacturing, exempt facilities, multi-family housing, single-family housing, and student loan bonds.

Contact Information
Ohio Department of Development
Address: 77 South High Street
City: Columbus
State: Ohio

Website: http://development.ohio.gov/bs/bs_entrepreneurship.htm