Economic Development: Incentives & Assistance

Navigating through various financing options, development incentives and business assistance programs can be difficult. Fairfield County Economic Development is ready to explain local, regional, state and federal financing and incentive programs, as well as to link your business to the best agency or organization to help it grow.

LOCAL WORKFORCE GRANT
The Fairfield County Workforce Development Training Grant is designed to help attract and retain county jobs by offering training grants for eligible employers.
>> View Fairfield County Workforce Development Training Grant

FINANCING
A variety of low-interest loan and financing programs are available for growing companies. Each program has different guidelines and eligibility requirements but most are closely linked to job creation or job retention.

LOCAL FINANCING
Overview of EDA RLF & CDBG RLF covering the eligibility and financing terms with application
View: RLF Application / RLF Overview

REGIONAL FINANCING
Microloan Rates & Financial Details Disclosure Information
The Economic and Community Development Institute helps businesses start and expand by combining business training and  technical assistance with necessary capital.  The Institute's Small Business Loan program provides loans up to $100,000 to new and existing businesses that do not qualify for conventional bank loans.
>> View ECDI Micro Loan Assistance

Regional 166 Direct Loan Program (Regional 166 Direct Loan)
Promotes economic development, business expansion and job creation by providing financial assistance for allowable costs of eligible projects in the State of Ohio.
>> View Ohio Regional 166 Loan

TechColumbus
Entrepreneurs access to the tools and advice to launch and grow their companies. We focus on industries that reflect Central Ohio’s strengths: information technology, biosciences, and advanced materials. Our knowledge-based and financial resources put entrepreneurs on a faster track, improving the business' success.
>>  View TechStart

STATE PROGRAMS
Ohio Development Services Agency
>>  View Ohio Department of Development

The Ohio Enterprise Bond Fund (OEBF)
Created in 1988 to promote economic development, create and retain quality jobs and assist governmental operations.  The program enables non-profit and for-profit borrowers to access the national capital markets through bonds issued through OEBF.  The program is administered by the Ohio Department of Development and financing is provided by the Ohio Treasurer of State.
>> View Ohio Enterprise Bond Fund

The Ohio International Market Access Grant for Exporters (IMAGE)
50 percent reimbursement program designed to offset the costs associated with certain exporting initiatives. IMAGE is funded by the State of Ohio and the United States Small Business Administration as part of the National Export Initiative to double U.S. exports by 2015. The purpose of IMAGE is to increase exports and create jobs in Ohio by helping small businesses expand into new international markets.
>> View Ohio International Market Access Grant for Exporters

Volume Cap
Federally authorized and refers to the maximum amount of tax-exempt private activity bonds that can be issued annually in each state. Annually, each state receives an allocation of Volume Cap that is referred to as the "state ceiling." This ceiling is based upon an IRS Inflation Adjustment and IRS Calendar Year Resident Population Estimates.
>>: View Volume Cap Program

Regional 166 Direct Loan Program (Regional 166 Direct Loan)
Promotes economic development, business expansion and job creation by providing financial assistance for allowable costs of eligible projects in the State of Ohio.
>> View 166 Direct Loan

Local Government Innovation Fund (LGIF)
Communities financial assistance to create more efficient and effective service delivery within their area. Projects are expected to facilitate improved business environments and promote community attraction with their plan for efficiency, collaboration, or shared services. Communities will be able to save money and provide more effective services to their constituents with assistance from this program.
>> View Local Government Innovation Fund

Innovation Ohio Loan Fund (IOF Loan)
Promotes assistance to existing Ohio companies in developing next generation products and services within certain Targeted Industry Sectors.
>> View Innovation Ohio Loan Program

GrowNOW
Partnership between eligible banks and the Ohio Treasury.  The program enables small business owners to receive up to a 3% interest rate reduction on new or existing small business loans for two years with the opportunity for renewal. Small business owners must commit to the creation or retention of at least one full-time job or two part-time jobs in the State of Ohio for every $50,000 borrowed, up to $400,000.  GrowNOW broadly serves as a catalyst for Ohio’s economic development by supporting the small businesses that drive it.
>> View Grow Now

FEDERAL PROGRAM
SBA Counseling, mentoring and training from an SBA District Office, SCORE Chapter, Small Biz Development Center or Women’s  Biz Center in your area.
>> View US Small Business Administration

7(a) Loan Program, SBA’s most common loan program, includes financial help for businesses with special requirements.
>> View SBA 7(a) Loan Program

CDC/504 Loan Program provides financing for major fixed assets such as equipment or real estate.
>> View SBA 504 Loan

Microloan program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The average microloan is about $13,000.
>> View Micro-Loans

Disaster Preparedness and Recovery Plan (DPRP) replaces the Small Business Administration’s Disaster Recovery Plan in its entirety. While the DPRP represents a new document to meet the requirements of Presidential Policy Directive (PPD) 8, National Preparedness.
>> View Disaster Recovery

USDA Rural Development is the leading advocate for rural America. The mission area supports rural communities and enhances quality of life for rural residents by improving economic opportunities, community infrastructure, environmental health, and the sustainability of agricultural production.
>> View US Department of Agriculture Rural Development

Business & Industry Guaranteed Loan Program is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities. This purpose is achieved by bolstering the existing private credit structure through the guarantee of quality loans which will provide lasting community benefits. It is not intended that the guarantee authority will be used for marginal or substandard loans or for relief of lenders having such loans.
>> View Business & Industry Guaranteed Loan

Rural Business Enterprise Grant Program (RBEG) provides grants for rural projects that finance and facilitate development of small and emerging rural businesses help fund distance learning networks, and help fund employment related adult education  programs. To assist with business development, RBEGs may fund a broad array of activities.
>> View Rural Business Enterprise Grant (RBEG) Program

Rural Economic Development Loan and Grant Program provides zero-interest loans and grants to Rural Utility Service (RUS) borrowers, who in turn relend the money as a zero interest loan to local entities to promote rural economic development and job creation projects.
>> View Rural Economic Development Loan & Grant

Business Programs, USDA Rural Development provides for business credit needs in under-served rural areas, often in partnership with private-sector lenders.
>> View Grant & Guaranteed Loan Program

Renewable Energy & Energy Efficiency Program
Federal Programs: Incentives for Small Business

TAX CREDITS
Ohio made major changes to its tax code in 2005, which included the phase-out of tangible personal property tax and a reduction in personal income tax. Programs still exist to further reduce your firm's tax burden through abatements and credits.

LOCAL
Ohio Enterprise Zone Program
is an economic development tool administered by municipal and county governments that provides real and personal property tax exemptions to businesses making investments in Ohio.
>> View Ohio Enterprise Zone Program

Community Reinvestment Area program is an economic development tool administered by municipal and county government that provides real property tax exemptions for property owners who renovate existing or construct new buildings.
The program is delineated into two distinct categories, those created prior to July 1994 ("pre-1994") and those created after.
>> View Community Reinvestment Area

STATE
Ohio Research and Development Investment Tax Credit
, which is authorized within Section 5751.51 of the Ohio Revised Code, is a nonrefundable creditagainst the Commercial Activity Tax (CAT).
>> View Ohio Research and Development Investment Tax Credit

Ohio Job Creation Tax Credit (JCTC) Servicing site provides assistance to businesses that have previously been approved for a tax credit by the Ohio Tax Credit Authority (Authority). This site provides information for companies on the (1) agreement process, (2) amendment process, and (3) annual report requirements and filings.
>> View Ohio Job Creation Tax Credit

Ohio Technology Investment Tax Credit (TITC) Technology Investment Tax Credit program offers a variety of benefits to Ohio taxpayers who invest in small, research and development, and technology-oriented firms.
>> View Ohio Technology Investment Tax Credit

Ohio Research and Development Sales Tax Exemption exempts business from the entire state and county sales tax for purchases of qualified machinery and equipment used primarily for research and development.
This exemption provides significant savings for companies undertaking research and development activities in Ohio.
>> View Ohio Research and Development Sales Tax Exemption

TRAINING
Skilled and productive employees are critical to your company's success. Ohio has programs to help offset the cost of hiring and training new employees or upgrading the skills of your current staff. Companies in Fairfield County can access a number of training providers who customize programs to meet individual company needs.

OhioMeansJobs
  
Employee Recruitment Services and On-the-Job Training Grants
Ohio Department of Development Workforce & Talent Division
   Ohio Investment & Training Program and
   Ohio Incumbent Worker Training Program
Training Providers
Fairfield County Workforce Development Training Grant

BUSINESS ASSISTANCE
Starting or growing a small business is difficult. You know your business, but not necessarily the programs and agencies that are ready to help. Entrepreneurs and small business owners in Fairfield County can access technical assistance designed to take them to the next level of success.

ENTREPRENEURSHIP AND SMALL BUSINESS ASSISTANCE
U.S .Government Assistance for Exporters
US Small Business Administration
Ohio Small Business One-Stop Permitting Center
Ohio Small Business Development Center with Free Expert Business Advice
TechStart

BUSINESS ASSISTANCE PROGRAMS and ADVOCACY
Baltimore Chamber of Commerce
Bremen Chamber of Commerce
Canal Winchester Chamber of Commerce
Lancaster-Fairfield Chamber of Commerce
Pickerington Chamber of Commerce
Reynoldsburg Chamber of Commerce
Ohio Chamber of Commerce
Ohio Manufacture's Association
Ohio Manufacturing Institute

WOMEN IN BUSINESS
Professional Resources for Women in Business