Programs

Financial Assistance Programs

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.
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.

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.
Eligibility:
Must show repayment and management capabilities. Must be able to document job creation or retention Ohio prevailing wage rate applies.

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).
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.