Benefits for Your Specific Business Needs
Ohio offers performance-based incentives to assist companies that are starting, relocating or expanding operations in the state. Funding decisions are based on a number of project factors, including but not limited to job creation, payroll figures, fixed-asset investment commitment, project location and project return on investment.
JobsOhio Loan and Grant Programs
The JobsOhio Economic Development Grant exists to promote economic development, business expansion and job creation by providing funding for eligible projects in the state of Ohio.
The JobsOhio Growth Fund provides capital for expansion projects to companies that have limited access to funding from conventional, private sources of financing. JobsOhio will consider loans to companies that are in the growth, established or expansion stage and that have generated revenue through a proven business plan.
The JobsOhio Research and Development Center Grant facilitates the creation of corporate R&D centers in Ohio to support the development and commercialization of emerging technologies and products.
The JobsOhio Revitalization Program focuses on helping rejuvenate sites in preparation for end-users that support job creation opportunities for Ohioans. The program, which includes both loans and grants, is available to public and private entities seeking to clean up and redevelop sites across Ohio.
The JobsOhio Inclusion Grant exists to provide financial support for eligible projects in designated distressed communities and/or for businesses owned by underrepresented populations across the state.
The JobsOhio Workforce Grant promotes economic development, business expansion and job creation by providing funding to companies for employee development and training programs.
JobsOhio established a Site Inventory Program to improve Ohio’s competitive position to attract new investment and job creation by filling known site and inventory gaps where there is proven demand and known economic benefit. Click here to learn more about the Site Inventory Program.
The JobsOhio Inclusive Project Planning Program seeks to help rural and distressed communities with expertise to advance projects from concept to implementation. This assistance is targeted to technical assistance to address gaps in capacity and expertise to generate more economic development projects. To learn more about the Inclusive Project Planning program, click here.
The Vibrant Community Program recognizes that distressed communities may not have adequate resources to develop and implement economic development projects that can attract private investment and create new jobs in the community. The program was established to assist distressed small and medium sized communities with the implementation of catalytic development projects that fulfill a market need and represent a significant reinvestment in areas that have struggled to attract new investment. To learn more about the Vibrant Community Program, click here.
JobsOhio has created a Growth Capital Program with an intent to allocate as individual investments into Ohio-based early-stage venture-backed companies.
JobsOhio’s Talent Acquisition Services (TAS) program was created to connect the right company with the right talent through the development of customizable and sustainable talent attraction and acquisition strategies. The TAS program supplements a company’s existing talent attraction and acquisition efforts by serving as an extension of a company’s marketing and human resources department as well as helping the company navigate Ohio’s workforce system.
State Loan and Grant Programs
The Research and Development Investment 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 (at or below market rates) and other loan terms similar to those of commercial bank financing. Companies receive a dollar-for-dollar, nonrefundable Ohio commercial activity tax credit for principal and interest payments made during the year up to $150,000 during the loan term.
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.
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 fixed-rate, long-term capital asset financing. Rates are market-driven and fixed prior to funding. Loan terms range from seven to 10 years for equipment and 15 to 20 years for real estate. Up to $10 million in financing is available through the program.
The Innovation Ohio 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 cost.
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.
State Tax Credits
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 activity 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 three years) with a minimum annual payroll of $660,000 and that pay at least 150 percent 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.
The Data Center Tax Abatement provides a sales-tax exemption rate and term that allow for partial or 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.
Ohio Grant & Incentive Assistance
To explore these economic development incentives for your business, contact the JobsOhio team today. We have a team of experts that work with businesses like yours to take advantage of the grants, loans and tax incentives that will give your business the opportunity to grow in Ohio.