County & State Development Resources
The Cuyahoga County Department of Development has several direct lending programs for business growth, attraction and real estate financing. These loans are available through the Cuyahoga Department of Development and include programs and resources for place-based/mixed-use real estate, headquarters attraction, environmental remediation, redevelopment and modernization, cluster development Initiatives, and several other loan programs aimed to assist a variety of company initiatives that result in new job creation.
The Supplemental Grant Program is a competitive grant that makes awards to cities, villages, townships, and non-profit organizations that help strengthen communities and neighborhoods, encourage regional collaboration, and improve the quality of life for County residents.
The Supplemental Grant Program is open to all 59 Cuyahoga County communities and 501(c)(3) community development corporations incorporated for not less than two years prior to the application deadline set by the Department of Development.
The Community Development Block Grant "Municipal" program is funded through the Federal CDBG formula grant and administered through the Cuyahoga County Department of Development to meet one or more of the National Objectives as related the CDBG aimed at improving the lives of low to moderate income residents with safe and vibrant neighborhoods free of blight and slum, amongst other objectives. The grant can be used for infrastructure upgrades, community center rehab, city and pocket parks, streetscape, city branding and wayfinding signage, street and sidewalk repair, homeowner repair, possibly Storefront renovation, just to name a few. Funding is up to $150K per grant but can be less according to request and is based on a competitive application process.
Ohio Loan and Grant Programs
The Research and Development Loan Fund provides loan financing ranging from $500,000 to $5 million for projects primarily engaging in R&D activity. The loans have fixed rates and other loan terms similar to those of commercial bank financing. Companies receive a dollar for dollar, non-refundable Ohio commercial activity tax credit for principal and interest payments made during the year up to $150,000 during the loan term.
166 Direct Loan
The 166 Direct Loan gives eligible businesses loans for land and building acquisition, construction, expansion or renovation, and equipment purchases. The program provides low-interest loans up to 40 percent of the cost not to exceed $1.5 million.
Ohio Enterprise Bond Fund
The Ohio Enterprise Bond Fund offers revenue bond financing through an S&P rated fund, whereby proceeds from the sale of bonds are loaned to companies for a fixed-rate, long-term capital asset financing. Rates are market-driven and fixed prior to funding. Loan terms range from 7 to 10 years for equipment and 15 to 20 years for real estate. Up to $10 million in financing is available through the program.
Innovation Loan Fund
The Innovation Loan Fund provides loans for acquisition, construction and related capital costs of technology, facilities and equipment purchases. The fund was created to help Ohio companies develop next-generation products and services within the state’s key industry sectors. Loans range from $500,000 to $1.5 million and can cover up to 75 percent of the project costs.
Roadwork Development (629) Funds
Roadwork Development (629) Funds are available for public roadway improvements, including engineering and design costs. Funds are accessible for projects that create or retain jobs and primarily involve manufacturing, technology, research and development, corporate headquarters and distribution activity. Grants are provided to a local jurisdiction and require local participation. They can be used to reimburse accumulated costs.
Ohio Job Creation Tax Credit
The Job Creation Tax Credit is a refundable and performance-based tax credit calculated as a percent of created payroll and applied toward the company’s commercial activities tax liability. Should the amount of the credit exceed the company’s commercial activity tax liability for any given year, the difference is refunded. Companies creating at least 10 jobs, within 3 years, with a minimum payroll of $660,000 and pay at least 150% of the federal minimum wage are eligible for the credit; however, they must apply for the credit before committing to a project. The Ohio Tax Credit Authority must approve applicants before hiring begins.
Data Center Tax Abatement
The Data Center Tax Abatement provides a sales-tax exemption rate and term that allow for partial of full sales tax exemption on the purchase of eligible data center equipment. Projects must meet minimum investment and payroll thresholds to be eligible. Final approval of the tax exemption is contingent upon the approval of the Ohio Tax Credit Authority.
Business & Industry Guarantee
The purpose of the Business & Industry Guaranteed Loan Program (B&I) is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities.
To learn more, email our Economic Development team.