Community Reinvestment Areas
These communities offer tax reductions on real property taxes after an application specific to the community is completed and approved by that municipality.
City of Conneaut - Contact Patricia Beckwith at 440.593.7401
City of Geneva - Contact Jennifer Brown at 440.466.4675
City of Ashtabula - Contact James Timonere at 440.992.7103
Village of Orwell - Contact Jack Nettis Jr. at 440.437.6459
Andover Village - Contact Bernard Baranowski at 440.293.4878
Ashtabula Township - Contact Ryan Whitmire at 440.993.8351 or Janet Discher at 440.576.3316 (this CRA area boundaries are MIddle Road to Route 20 N&S, and Route 11 to Cook Road W&E)
Enterprise Zone Tax Incentives
In an effort to spur revitalization of Ashtabula County’s industrial base, the county has designed an Enterprise Zone to encourage investment and job creation. Within the Enterprise Zone, which covers 80% of the county, special tax incentives are offered to businesses that invest in capital improvements and create and/or retain jobs.
State law permits up to 60% reduction of new real and personal property taxes for a period of up to 15 years in an unincorporated area; and up to 75% reduction for a period of up to 15 years in an incorporated area.
In order to apply for an Enterprise Zone Tax Incentive (EZTI) you must have not yet started construction on your project, as this program is meant to be an incentive for the company to build or expand in Ashtabula County. You will first contact Janet Discher, County Administrator, Ashtabula County 440.576.3316 or Hattie Grubke-Barnard, Project Manager, Growth Partnership 440.576.9126 to discuss your project and receive the application. Mrs. Grubke-Barnard will be more than happy to assist in the application process. After completing the application the Ashtabula County Board of Commissioners has the authority to approve or deny the applicant.
The Geneva-Harpersfield Joint Economic Development District, also known as the Covered Bridge Development District offers a Job Creation Tax Credit program for those businesses making an investment in the district that results in job creation. The program provides a refundable tax credit against a company's corporate franchise or income tax based on the state income tax withheld from new, full-time employees. There is an application process and the JEDD II board has final approval.
Ashtabula City also has its own Job Creation Tax Credit program for those businesses that make an investment in the City that creates new full-time jobs.
The Village of Jefferson also has a Job Creation Tax Credit program for those businesses who create new full-time positions when making an investment in their business located within the Village. There is an application and the Village Council has final approval.
Ashtabula County 503 Corporation Revolving Loan Fund
The Ashtabula County 503 Corporation was formed in 1983 as a private, non-profit corporation with the mission of promoting job creation and economic development in Ashtabula County.
To accomplish this mission, the 503 Corporation administers a Revolving Load Fund. The fund has been capitalized over the years with monies from State and Federal resources. These funds are loaned to businesses in Ashtabula County, usually below market rates. As the loans are repaid, with interest, the Load Fund money becomes available to lend to the next business in need of financing.
In addition to managing the Ashtabula County Revolving Load Fund, the 503 Corporation serves as the manager and administrator of the Revolving Loan Funds for the cities of Conneaut and Geneva. The 503 Corporation serves as the local contact agency for the Small Business Administration (SBA) 504 and State of Ohio Regional 166 loan programs.
Low Interest Loans
Growth Partnership works in conjunction with both the Mahoning Valley Economic Development Corporation (MVEDC) and the Lake County Port Authority to provide businesses with the opportunity to use the Regional 166 Fund and SBA 504 loans.
The Regional 166 Fund is used primarily by manufacturers, wholesalers and distributors and can offer up to 40% of project cost or $500,000 at a fixed rate of approximately 2/3 of prime rate. The term of the loan can be up to 10 years for equipment and up to 15 years for real estate. The MVEDC will share a first with bank required personal guarantees or letter of credit. This is a program driven by job creation therefore the amount you qualify for is based upon $50,000 lent for each job created. Prevailing wage must be paid for projects involving construction, with interim financing by a bank.
Small Business Administration 504 (SBA 504) loans are made to those in the service, commercial, retail, industrial or distribution business. The maximum loan amount is $5.5 million for manufacturers or 40% of the project cost up to $5 million for public policy goals with interest rates based on the treasury's rates fixed. Loan term for SBA 504 loans are 10 years for equipment and 20 years for real estate with the lender holding a 2nd mortgage or lien and personal guarantees for the borrower. Again this loan program is driven by job creation so the loan amount a business qualifies for is based upon $65,000 per job created. SBA 504 requires interim financing by a participating bank.