Incentives and Funding
Ohio boasts an impressive menu of incentive offerings to attract and grow businesses. State and local tax incentives, grants and low-interest financing help businesses to reduce risk and operate profitably.
State of Ohio Incentive Programs
- Job Creation Tax Creation
A refundable tax credit to companies generally creating at least 10 new jobs (within three years) with a minimum annual payroll of $660,000. The tax credit applied toward the company’s commercial activity tax liability.
- Ohio Enterprise Bond Fund
Provides revenue bond financing through an S&P rated fund. Proceeds from the sale of bonds are loaned to companies for fixed-rate, long-term capital asset financing. Up to $10 million in financing is available through the program.1
- 166 Direct Loan
Provides loans for land and building acquisition, construction, expansion, or renovation and equipment purchases for eligible businesses. The program provides low-interest loans up to $1.5 million.
- Innovation Ohio Loan Fund
Provides loans for acquisition, construction, and related capital costs of technology, facilities, and equipment purchases. The fund was created to assist existing Ohio companies in developing next-generation products and services within the state’s Targeted Industry Sectors up to 75% ranging from $500,000 to $1.5 million.
- Research and Development Investment Loan Fund
Provides loan financing between $500,000 and $5 million for projects primarily engaging in research and development activity. Rates are fixed (at or below market rates) with other loan terms similar to those of commercial bank financing.
- Roadwork Development (629)
Funds are available for public roadway improvements, including engineering and design costs. Funds are available for projects primarily involving manufacturing, research and development, high technology, corporate headquarters, and distribution activity. Projects must typically create or retain jobs.
- Ohio Workforce Guarantee
Supports companies that are making investments in facilities, equipment, and training that result in the retention and creation of jobs for Ohioans. The program provides direct financial support to employers for training, paying for a portion of instructor salaries, materials, travel, and special needs.
- Ohio Third Frontier
The single largest source of tech and new business start up funding in Ohio. It’s a 10-year, $1.6 billion source of money for innovation and regional support. Learn more (link to www.thirdfrontier.com).
Learn more about Ohio's impressive variety of incentive programs at jobs-ohio.com/funding.
Local Incentives and Funding
For information on local incentives, please reach out to our Northeast Ohio Regional Economic Development Partners.
Northeast Ohio’s port authorities
Cleveland Plus businesses often turn to our port authorities for financing alternatives, including fixed-rate financing programs, off--balance-sheet financing and leasing programs and infrastructure financing programs.
- Ashtabula City
- Ashtabula County
- Cleveland — Cuyahoga County
- Columbiana County
- Fairport Harbor
- Grand River
- Greater Mentor
- Medina County
- Portage County
- Stark County
- Summit County
- Western Reserve