Growth Partnership for Ashtabula County is the County level partner with the State of Ohio's JobsOhio that helps to identify a businesses needs at the State Level.
Some options may be:
Low Interest Loans
The Ohio Development Services Agency (ODSA) offers a number of low interest loans and grants to entice business into the state of Ohio. There is the Ohio Enterprise Bond Fund, the 166 Direct Loan, the Pioneer Rural Loan, and the Rural Industrial Park Loan to name a few of the most commonly used.
The Ohio Enterprise Bond Fund is used when a project will induce a $1.5 million to $10 million investment in land and building acquisition, construction, renovation, and equipment purchases. The eligibility for this program is based on job creation and repayment and management capabilities, along with the use of Ohio prevailing wage. Up to 90% of the total project cost is eligible and the long-term fixed rates for up to 20 years will apply for commercial or industrial projects.
The 166 Direct Loan program provides low interest loans for land and building acquisition, expansion or renovation, and equipment purchases. The amount they lend ranges from $350,000-$1 million. You must have 10% equity and be in a “distressed” area as labeled by the State. To be eligible for this program you must retain one job for every $15,000 received and use prevailing wage on the site during project construction.
The Pioneer Rural Loan also provides loans for land and building acquisition, new construction, renovation and expansion of existing buildings and acquisition of machinery and equipment for businesses locating or expanding in Ohio’s rural areas. The maximum loan amount is $750,000 and cannot exceed 75% of total fixed asset costs. Eligibility requires that the project creates or retains 1 job for every $35,000 of state investment during the first three years of the project.
The Rural Industrial Park Loan provides direct loans and loan guarantees to applicants in “rural” or “distressed” communities who are dedicated to building a well-planned industrial park. This loan cannot exceed 75% of total eligible project costs and will not exceed the $1million mark.
The Ohio Development Services Agency (ODSA) offers a number of Tax Credits to businesses willing to locate in Ohio. The Ohio Job Creation Tax Credit (JCTC), the Training Tax Credit, and the Ohio Manufacturing Machinery and Equipment Investment Tax Credit are a few of the most commonly used.
The Ohio Job Creation Tax Credit (JCTC) is a state program that credits back state income tax for businesses that expand or locate in Ohio. The Ohio Tax Credit Authority determines the businesses eligibility for JCTC and the local community must also provide support for the project. JCTC is only an option when 25 or more new full-time positions are created.
The Training Tax Credit provides tax credits for employers that will train existing employees who could lose their jobs because of lack of training. Businesses will receive up to $100,000 per year. This program shows the states support for retention projects in the state.
The Ohio Development Services Agency (ODSA) offers a program called the Ohio Investment in Training Program (OITP). This program provides up to 50% reimbursement for instructional costs, materials and training-related activities with an emphasis on the manufacturing sector.