Wayne County Economic Development Council

Why Choose Wayne County? Call Us Toll Free at 888-WAYNEOH
 

Strong Incentives
Tax credits, abatements, grants, low-cost financing Foreign Trade Zone and more.

Business-Friendly Climate
Effective community and government partnerships locally and throughout Northeast Ohio.

Access to Markets
Central location with great ground, rail, water and air accessibility.

High Quality of Life
Small town hospitality and country living with big city opportunities.

Leading Ag-Bioscience Infrastructure
Premier research facilities and infrastructure.

Low Cost of Doing Business

Energy, labor and occupancy costs among the nation’s most affordable.

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Favorable Capital Terms to Grow Your Business

State Loans & Grants

166 Direct Loan
Provides loans for land and building acquisition, expansion or renovation, and equipment purchase. 
Guidelines:
 
Click Here (pdf)  

Innovation Ohio Loan Fund Program 
Provides loans for acquisition, construction, and related costs of technology, facilities, and equipment purchase.
Guidelines:
  
Click Here (pdf) 

Ohio Capital Access Program

Encourages state chartered financial institutions to make loans to for-profit or nonprofit small businesses that are creating or retaining jobs by establishing a unique reserve account at lending institutions. The state, the lender, and the business each make a small contribution to the account. 

Program Summary: Click Here

Ohio Enterprise Bond Fund

Provides loans for land and building acquisition, construction, expansion or renovation, and equipment purchases for eligible businesses.
Guidelines: 
Click Here (pdf)

Minority Business Direct Loan Program

Provides fixed, low-interest rate loans to certified minority-owned businesses that are purchasing or improving fixed assets and creating or retaining jobs.

Program Summary: Click Here

Minority Business Bonding Program


Provides bid, performance, and payment surety bonds to state certified minority-owned businesses that are unable to obtain bonding through standard surety companies. 

Program Summary: Click Here

Regional 166 Direct Loan 

Provides loans for land and building acquisition, construction, expansion or renovation, and equipment purchases for eligible businesses. Twelve local economic development agencies administer the program.
Guidelines:
 
Click Here (pdf)

Research & Development Investment Loan Fund Program 
Provides loans commitment to Research and Development activities. 
Program Summary:
 
Click Here (pdf)

Volume Cap 
The Ohio Volume Cap Program provides a federal tax benefit by allowing eligible issuers to issue tax exempt Private Activity Bonds up to a state limit known as the “Volume Cap.” 

Program Summary:
 Click Here


Port Authority Financing
Port Authority financing provides fixed rate/bond fund and conduit/non-bond fund financing arrangements.

Fixed-Rate Bond Fund Financing Program
This Fund offers long-term, fixed-interest-rate financing for qualified industrial, commercial and public projects.
Eligible projects include renovation and 
acquisition of existing structures, new construction, land acquisition,  non-specialized equipment and soft costs.
 

Benefits of SCPA Financing:
  • Interest rate for 20 to 30 years based on bond rate at time of sale
  • Investment-grade credit rating of BBB+ by Fitch IBCA
  • Financing for small- and medium-sized companies, non-profits
  • Up to 100% financing
  • Possible additional funding from SCPA’s public & private partners
  • Sales tax exemption on construction and building materials
  • Closing within 60 to 90 days 

Lease Conduit Financing Program
The Port Authority issues tax-exempt industrial revenue bonds underwritten by a commercial lender’s letter of credit. Companies can obtain a one-time exemption on all construction and materials used in a project.
Eligible projects include renovation and acquisition of existing structures, new construction, equipment purchase and land acquisition.

Benefits of SCPA Conduit Financing include upto 100% financing, sales tax exemption on construction materials, and tax-exempt bonds provide lower interest rates.


Small Business Administration Loans
The SBA offers numerous loan programs to assist small businesses. 

Basic 7(a) Loan Program
Loan proceeds can be used for most sound business purposes including working capital, equipment, furniture, land and building, leasehold improvements, and debt refinancing (under special conditions).

Certified Development Company (CDC), a 504 Loan Program

The SBA 504 Loan program offers small businesses another avenue for business financing, while promoting business growth, and job creation. 

As of February 15, 2012, the $50 Billion in 504 loans has created over 2 million jobs. 


For more loan options , visit
SBA official website.

USDA and Rural Development Loans
The success of any long range community development plan must include jobs.  For this reason, USDA/Rural Development provides an array of programs and services which focus on the creation of jobs in rural areas.

BUSINESS AND INDUSTRY GUARANTEED LOANS (B&I)
The purpose of the B&I Guaranteed Loan Program is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities.

INTERMEDIARY RELENDING PROGRAM (IRP)
The purpose of the IRP is to alleviate poverty and increase economic activity and employment in rural communities. 

BIOREFINERY ASSISTANCE PROGRAM 
The program provides loan guarantees for the development, construction, and retrofitting of commercial-scale biorefineries.

RURAL ENERGY FOR AMERICA PROGRAM GUARANTEED LOAN PROGRAMS (REAP LOANS)
Under the program, project developers will work with local lenders, who in turn can apply to USDA Rural Development for a loan guarantee up to 85 percent of the loan amount.

RURAL ECONOMIC DEVELOPMENT LOAN AND GRANT (REDLG)
Under the REDLG, USDA provides zero interest loans to local utilities which they, in turn, pass through to local businesses (ultimate recipients) for projects that will create and retain employment.

RURAL BUSINESS INVESTMENT PROGRAM
USDA licenses newly formed for-profit investment fund entities as Rural Business Investment Company's (RBIC)s. RBIC’s use the equity raised in capitalizing their fund to make equity, and equity-like, investments.


Wayne County Revolving Loan Fund
RLF seeks to promote business start-up and expansion in Wayne County by creating and/or retaining employment opportunities for low to moderate income persons. Eligible types of RLF loan activity include:
  1.Fixed assets for acquisition and/or improvement of land, equipment, new construction or renovation of exiting facilities.

  2.Working capital for the start-up of new businesses or existing businesses 

Tax Increment Financing (TIF)
Fixed Rate Tax Increment Financing (TIF) is a financing alternative for qualifying projects, resulting in more favorable financing terms. A TIF must be used to finance infrastructure needed for a project and for which thereis a common public good.
Qualifying public works include streets, parking, water and utilities.


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