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

Low Cost of Doing Business
Energy, labor and occupancy costs among the nation’s most affordable.

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.

Favorable Capital Terms to Grow Your Business

  • Ohio Enterprise Bond Fund
  • Volume Cap Program
  • 166 Direct Loan
  • Regional 166 Direct Loan
  • Pioneer Rural Loan 
  • Rural Industrial Park Loan
  • Innovation Ohio Loan Fund Program  
  • Research & Development Investment Loan Fund Program
  • Port Authority Financing 
  • SBA Loan Programs
  • USDA Loan Programs
  • Wayne County Revolving Loan Fund
  • Tax Increment Financing
State Loans & Grants

Ohio Enterprise Bond Fund
Provides loans for land and building acquisition, construction, expansion or renovation and equipment purchases for eligible businesses. 

Rate / Terms:
Long-term, fixed rate for up to 20 years;
Interest rate based on Standard & Poor's AA-minus rating, for up to 90% of total project amount.
Benefits:
Access to national capital markets for unrated companies
May not require third-party credit enhancement
Eligibility:
Must show repayment and management capabilities. Must be able to document job creation or retention. Ohio prevailing wage rate applies
Program Guidelines: Click Here (PDF)
Volume Cap Program
Federally authorized programs providing authority to issue tax-exempt bonds for select private (non-governmental) activities

Rates / Terms:
Project funding is awarded to sections 122-4-01 to 122-4-08 OAC.
Benefits:
Authorizes bond issuers with ability to finance projects at interest rates below that of the conventional market
Eligibility:
Must involve mortgage loans to low-income home buyers, student loans, construction or improvement of certain types of manufacturing facilities, solid waste treatment equipment or pollution abatement facilities, or multifamily rental housing development or renovation. 
166 Direct Loan
Provides loans for land and building acquisition, expansion or renovation, and equipment purchase.

Rates / Terms:
Up to 30% of total eligible fixed cost ($350,000 - $1 million);
Two-thirds of prime fixed rate for 5-15 years;
Equity minimum 10%;
In distressed areas of the state, preferential rates and terms are available;
State Development Director may authorize a higher loan amount or modified rate and terms that address a unique and demonstrated economic development need.
Benefits 
Rate, Term, and Availablility
Eligibility
Must show repayment and management capabilities; Must create or retain 1 job for every $15,000 received or $35,000 in Priority Investment Areas Ohio prevailing wage rate applies.
Program Guidelines: Click Here (PDF)
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.

Rate / Terms:
Up to 40% of total eligible fixed cost ($350,000 maximum);
Rate negotiable for 5-15 years;
Equity minimum 10%;
State Controlling Board approval required.
Benefits
Low fixed rate; Long term availability for smaller projects
Eligibility
Must show repayment and management capabilities; Must create or retain 1 job for every $35,000 received; Ohio prevailing wage rate applies.
Program Guidelines: Click Here (PDF)
Pioneer Rural Loan
Provides direct loans for businesses locating or expanding in Ohio's rural areas. Businesses must demonstrate that they will create new jobs for Ohio citizens in rural areas. Loan may be used for acquisition of land and buildings, new construction, renovation and expansion of existing buildings and acquisition of machinery and equipment.  

Rate / Terms:
Maximum loan amount is $750,000;
Participation for any one project cannot exceed 75% of total fixed-asset costs;
Annual interest rate will be fixed at not greater than half the prime rate, which shall be determined solely by the State Development Director;
Term will be based on the useful life of the assets being financed and the term of the bank loan in the project (not to exceed 15 years for real estate or 7 years for machinery).
Benefits:
Creates Jobs in Rural Areas
Eligibility
Eligible areas include counties with labor surplus, distressed counties and situationally distressed counties  Program seeks to finance projects that will create/retain at least 1 job for every $35,000 of state investment during the first 3 years of the project.
Rural Industrial Park Loan
Provides direct loans and loan guarantees to rural, distressed local communities and other eligible applicants committed to creating well-planned industrial parks.

Rate / Terms:
The maximum loan available is the lesser of $1 million dollars or 75% of total project costs.  The maximum loan term available is 15 years.  During the first five years of the loan, the annual interest rate shall be zero percent.  In year six and thereafter, the annual interest rate will be set at a rate no greater than 50 percent of the prime rate which shall be determined solely by the Director of the ODOD.  Payment of the loan principal may be deferred until revenues are generated from the project, up to a maximum of five years.
Benefits:
Availability of newly constructed buildings and completed infrastructure to encourage business expansion in rural Ohio
Eligibility:
Nonprofit organizations that promote economic development in rural areas; Local governmental units are eligible to
Program Guidelines: Click Here (PDF)
Innovation Ohio Loan Fund Program
The IOF can finance up to 75 percent of a project’s qualifying costs through loans in the range of $500,000 to $3 million.

Rates / Terms:
While loan terms will be individually negotiated, interest rates will be prime (as of proposal submission deadline) +2% and the loan term will be in the range of 4-7 years.  Additional fees will bring the total cost of funds to an effective rate of 8% to 12%.
Benefits:
Provides financial resources for product commercialization for leading technology companies
Eligibility:
Allowable costs include the acquisition, construction, renovation or improvement of facilities, and the acquisition and installation of equipment for innovative projects that create new products and services.
Contact Phone Number:
Office of Financial Incentives (614) 466-5420 or (800) 848-1300 x65420
Loan Application: Click Here (PDF)
Fund Guidelines: Click Here (PDF)
Research & Development Investment Loan Fund Program
The Research and Development Investment Loan Fund (R&D Fund) was created to promote economic development, business expansion and job creation by encouraging private-sector R&D investments. The R&D Fund provides assistance in the form of a low-interest loan, partnered with a tax credit.

Rate/Terms:
Businesses that are meeting the program requirements (i.e. job creation commitments, timely loan repayments, commitment to R&D activities, etc.) will be eligible for a dollar-for-dollar credit against their Ohio tax liability, equal to the amount of principal and interest repaid on the loan. The maximum annual credit is $150,000.
Benefits:
Incentivizes Ohio companies to make new investments in Research and Development activities.
Eligibility:
Eligible projects are defined as those in which research is undertaken for the purpose of discovering and developing new or improved products, processes, techniques, formulas or inventions.
Program Guidelines: Click Here (PDF)
Port Authority Financing

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

Fixed-Rate Bond Fund Financing Program

The Port Authority’s public-private partnerships can provide financing tailored to each project’s needs. SCPA issues tax-exempt industrial revenue bonds underwritten by a commercial lender’s letter of credit. The borrower is responsible for service on the incurred debt. The Port Authority Fixed-Rate Bond Fund offers long-term, fixed-interest-rate financing for qualified industrial, commercial and public projects.

Eligible Projects

  • Renovation and acquisition of existing structures
  • New construction
  • Land acquisition
  • Non-specialized equipment
  • 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 

The Port Authority tailors its fixed-rate financing to the needs of each project. 

Lease Conduit Financing Program

The Port Authority’s public-private partnerships can provide financing tailored to each project’s needs. The Port Authority issues tax-exempt industrial revenue bonds underwritten by a commercial lender’s letter of credit. The borrower is responsible for service on the incurred debt. Companies can obtain a one-time exemption on all construction and materials used in a project.

The Port Authority’s public-private partnerships provide financing tailored to each project’s needs. The Port Authority issues tax-exempt industrial revenue bonds underwritten by a commercial lender’s letter of credit. The borrower is responsible for service on the incurred debt.

Eligible Projects

  • Renovation and acquisition of existing structures
  • New construction
  • Land acquisition
  • Equipment purchase

Benefits of SCPA Conduit Financing

  • Tax-exempt bonds provide lower interest rates
  • Up to 100% financing
  • Sales tax exemption on construction and building materials
  • Closing within 60 to 90 days

The Port Authority  tailors its conduit financing to the needs of each project.

Small Business Administration Loans

The SBA offers numerous loan programs to assist small businesses.  It is important to note, however, that the SBA is primarily a guarantor of loans made by private and other institutions.

Basic 7(a) Loan Guaranty

FUNCTION:  Serves as the SBA’s primary business loan program to help qualified small businesses obtain financing when they might not be eligible for business loans through normal lending channels. It is also the agency’s most flexible business loan program, since financing under this program can be guaranteed for a variety of general business purposes. 

Loan proceeds can be used for most sound business purposes including working capital, machinery and equipment, furniture and fixtures, land and building (including purchase, renovation and new construction), leasehold improvements, and debt refinancing (under special conditions). Loan maturity is up to 10 years for working capital and generally up to 25 years for fixed assets.

CUSTOMER:  Start-up and existing small businesses, commercial lending institutions

DELIVERED THROUGH:  Commercial lending institutions

SBA offers multiple variations of the basic 7(a) loan program to accommodate targeted needs.

Certified Development Company (CDC), a 504 Loan Program

FUNCTION:  Provides long-term, fixed-rate financing to small businesses to acquire real estate or machinery or equipment for expansion or modernization. Typically a 504 project includes a loan secured from a private-sector lender with a senior lien, a loan secured from a CDC (funded by a 100 percent SBA-guaranteed debenture) with a junior lien covering up to 40 percent of the total cost, and a contribution of at least 10 percent equity from the borrower. 

CUSTOMER:  Small businesses requiring “brick and mortar” financing
 
DELIVERED THROUGH:  Certified development companies (private, nonprofitcorporations set up to contribute to the economic development of their communities or regions)

Microloan, a 7(m) Loan Program

FUNCTION:  Provides short-term loans of up to $35,000 to small businesses and not-for-profit child-care centers for working capital or the purchase of inventory, supplies, furniture, fixtures, machinery and/or equipment. Proceeds cannot be used to pay existing debts or to purchase real estate. The SBA makes or guarantees a loan to an intermediary, who in turn, makes the microloan to the applicant. These organizations also provide management and technical assistance. The loans are not guaranteed by the SBA. The microloan program is available in selected locations in most states. 

CUSTOMER:  Small businesses and not-for-profit child-care centers needing small-scale financing and technical assistance for start-up or expansion

DELIVERED THROUGH:  Specially designated intermediary lenders (nonprofit organizations with experience in lending and in technical assistance

Loan Prequalification

FUNCTION:  Allows business applicants to have their loan applications for $250,000 or less analyzed and potentially sanctioned by the SBA before they are taken to lenders for consideration. The program focuses on the applicant’s character, credit, experience and reliab