Take advantage of state and local incentives
Throughout Ohio, especially in Ashtabula County, they are serious about helping new businesses develop. There are currently a wide range of opportunities available to help incentivize local business.
For additional information or questions about local or state incentives, please contact Growth Partnership representatives by phone at (440) 576-9126 or email:
Community Reinvestment Areas
Tax Increment Financing
Community Reinvestment Areas (CRA)
Community Reinvestment Areas provide real property tax exemptions for property owners who renovate existing or construct new buildings in designated areas of Ashtabula County, Ohio. Maximum exemption on real property only of up to 100% and up to 15 years.
Terms are negotiated on a project-by-project basis based on need and overall project impacts. Businesses must apply prior to making the project investment.
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 Loan 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.
Ashtabula County Port Authority Financing
The Ashtabula County Port Authority can offer economic development financing options including common bond funding, structured lease financing, and special assessment. In addition, the Port Authority can provide projects with exemptions from sales tax on construction materials. The Port Authority would need to own the building and lease it to the company for a period of at least three years.
166 Direct Loan
A loan administered by the Office of Financial Incentives for up to 30% of a project's costs or $1 million (the lesser thereof). The remainder of the financing must be through a combination of private financing and at least 10% owner equity. Allowable costs include the acquisition of machinery and equipment, building or land acquisition, and building construction. The interest rate is not to exceed 2/3 of the prime rate and terms range from 7-10 years for the acquisition of machinery and equipment and 10-15 years for real estate.
Ohio Enterprise Bond Fund
Through this bond fund, which is rated AA- by Standard and Poors, the Ohio Department of Development issues bonds, the proceeds of which are loaned to businesses for eligible projects. Allowable costs include acquisition of machinery and equipment, building or land acquisition, and building construction. The Ohio Enterprise Bond Fund can finance up to 90% of eligible project costs or $10 million (the lesser thereof), with terms ranging up to 20 years.