Financing & Incentives

Tax Incentives  

Ohio Job Creation Tax Credit
The JCTC program allows a company creating net new jobs in the State of Ohio to take a refundable credit against its commercial activities, state income, or insurance premiums tax obligations. The credit is calculated as a percentage of income tax withheld by the company above historical levels for the company at the project site. If the company’s tax obligation for the respective period is less than the tax credit value, payment is made from the State’s treasury to the company.   The JCTC program is performance-based. There is no cap on the availability of tax credits under the company’s project. This credit is contingent on submittal of an application, meeting all program requirements, and approval of tax credits to the company by the Authority.  

 

Grants

Roadwork Development (629) Account  
Roadwork Development (629) funds can be committed by the State of Ohio for an amount to be determined based on total eligible roadwork costs. The grant will be provided on a reimbursement basis to the local jurisdiction or public entity conducting the roadwork improvements. Funds are contingent upon availability and final approval by the State Controlling Board. 

JobsOhio Workforce Training Grant  
Workforce Training Grant funds can be committed by JobsOhio for training occurring as it relates to the project.  Receipt of Workforce Training Grant funds is further contingent upon meeting all program requirements, availability of funds, execution of an agreement, and reimbursement request.  

 

JobsOhio Economic Development Grant  
JobsOhio is prepared to evaluate offering an Economic Development Grant on a reimbursement basis to the Company for its costs associated with fixed asset investments. This offer is contingent upon eligible costs and availability of funds.  

 

Financing  

JobsOhio Growth Fund Loan  
JobsOhio is prepared to evaluate offering a JobsOhio Growth Fund Loan for eligible fixed-asset costs associated with the project, subject to the following conditions:   Loan financing is contingent upon meeting all program guidelines, establishment of appropriate credit enhancement, completion of due diligence, and satisfactory review of the company’s financial statements. The financing is “take out” financing and will only be disbursed after the borrower secures the balance of the project funding, and the project has been completed.  

Allen County Revolving Loan Fund:
The Allen County Revolving Loan Fund (RLF) is a flexible source of financing for businesses expanding or locating to Allen County. Loan amounts are subject to the availability of funds.
 

D’Arcy Loan Fund:
The D’Arcy Loan Fund is a local funding source for businesses expanding or locating to Allen County. The fund provides low interest loans to assist with Allen County economic development projects. Loan amounts are subject to the availability of funds.  Click here to read more.

Local Property Tax Exemptions & Community Reinvestment Areas:
Local communities in Ohio are authorized to collect property taxes on real property (land and buildings).  Through the Ohio Enterprise Zone and Community Reinvestment Area programs, local communities can elect to abate a portion of property taxes owed by a company. Typical abatement under the Ohio Enterprise Zone are 50 to 75 percent of taxes exempted for 10 to 15 years, on real property.  

Community Reinvestment Areas:
Lima City is designated a Community Reinvestment Area and can offer a reduced abatement up to 100% on real property taxes.