Doing Business in Putnam County
Community Reinvestment Area
Putnam County communities participate in the Ohio Community Reinvestment Area (CRA) program which designates specific geographic areas where property tax abatements can ne offered as an incentive for property owners who construct or renovate commercial or industrial buildings in those areas. Incentives will be based on real property capital investment and job creation. Applications available at the Putnam County Community Improvement Corporation.
Tax Increment Financing
Putnam County Communities participate in the Ohio Tax Increment Financing (TIF) program to stimulate private investment and development within the county. In a TIF agreement, the community captures the increase in tax revenue generated by the private development and uses the excess tax revenue to repay the private investor for public improvements required to make the new development successful. Likewise, the community can make public improvements and be receive Payment in Lieu of Taxes from the business for the cost of the infrastructure. Applications available at The Putnam County Community Improvement Corporation.
Port Authority of Northwest Ohio
Now in its 36th year of serving Putnam County, the Port Authority of Northwestern Ohio offers innovative financing, assisting in over 25 local economic development projects representing a total investment of more than $14 million while helping to create and retain high-quality jobs. The Port Authority of Northwestern Ohio can also partner with the Toledo -Lucas County Port Authority which has represented projects with a total investment of over $1.9 billion. Financing opportunities include:
- Infrastructure Financing
- Capital Lease Programs
- Fixed Interest Rate Revenue Bonds
- Conduit Revenue Bonds
- Redevelopment Programs a hiring and training for long-term employment.
Putnam County is part of the Region 3 Ohio Small Business Development Center (SBDC) on the campus of Rhodes State College. The SBDC is a public-private partnership between the US Small Business Administration, the Ohio Department of Development and Rhodes State College. The center offers training and business consulting to first-time and emerging business owners at no cost to participants.
Workforce and Training Initiatives
A federally funded program through the Workforce Investment Act, offered by OhioMeans Jobs to assist employers with hiring and training for long term employment. The Putnam County OhioMeans Jobs team helps recruit and pre-screen candidates and can reimburse employers for the cost of training newly hired employees.
Putnam County offers federal tax credits to local employers who hire individuals from nine target groups (ie: veterans, SSI recipients). Credits range from $1,200 to $9,600 based on the number of hours worked.
Putnam County OhioMeans Jobs and Northwest State Community College assist employers in customizing hands-on earn-and-learn courses held in the training lab at its offices in Ottawa.
Freecompany profile and access to the Build Putnam talent attraction web portal launching August 2021 providing one-to-one connections between job seekers and employers to recruit for local careers and highlight the culture of local companies.
Putnam County Workforce Consortium
An employer-led group representing over 3,300 local jobs collaborating with high school, career technical and community colleges, economic development, and local agencies to execute robust workforce development outreach to meet current and future local employment needs.
The Putnam County Veterans Services Commission has a six-member team working to assist Veterans with education, training, employment, transportation, health care and other services. The Commission maintains an employment database, helps connect Veterans and employers at no cost, and supports the application process and ongoing career needs of participating Veterans.
State of Ohio Loans and Grants
The Putnam County CIC is the economic development corporation facilitating grants and programs available through JobsOhio to serve businesses in Putnam County. Because participating in these programs requires advanced notice, businesses and communities are encouraged to contact the CIC office in the earliest possible stages of project planning.
The Economic Development Grant promotes economic development, business expansion and job creation by providing funding for eligible projects in the State of Ohio.
The Workforce Grant promotes economic development, business expansion and job creation by providing funding to companies for employee development and training programs.
JobsOhio Talent Acquisition Services (TAS) program was created to connect the right company with the right talent through the development of customizable and sustainable talent attraction and acquisition strategies. The TAS program supplements a company’s existing talent attraction and acquisition efforts by serving as an extension of a company’s marketing and human resources department helping the company navigate Ohio’s Workforce System.
The Putnam County CIC works with its JobsOhio partner to facilitate applications from communities seeking Roadwork Development (629) Funds which can be used for public roadway improvements, including engineering and design costs. Funds are accessible for projects that create or retain jobs and primarily involve manufacturing, technology, research and development, corporate headquarters, and distribution activity. Grants require local participation.
The Inclusion Grant exists to provide financial support for eligible projects in designated distressed communities and/or for businesses owned by underrepresented populations across the state.
The Growth Fund provides capital for expansion projects to companies that have limited access to funding from conventional, private sources of financing. JobsOhio will consider loans to companies that are in the growth, established or expansion stage and that have generated revenue through a proven business plan.
The Revitalization Program focuses on helping rejuvenate sites in preparation for end-users that support job creation opportunities for Ohioans. The program, which includes both loans and grants, is available to public and private entities seeking to clean up and redevelop sites across Ohio.
The JobsOhio Research and Development Investment Loan Fund provides loan financing ranging from $500,000 to $5 million for projects primarily engaging in R&D activity. The loans have fixed rates (at or below market rates) and other loan terms similar to those of commercial bank financing. Companies receive a dollar-for-dollar, nonrefundable Ohio commercial activity tax credit for principal and interest payments made during the year up to $150,000 during the loan term.
The 166 Direct Loan gives eligible businesses loans for land and building acquisition, construction, expansion or renovation, and equipment. The program provides low-interest loans up to 40 percent of the cost not to exceed $1.5 million.
The Ohio Enterprise Bond Fund offers revenue bond financing through an S&P-rated fund, whereby proceeds from the sale of bonds are loaned to companies for fixed-rate, long-term capital asset financing. Rates are market-driven and fixed prior to funding. Loan terms range from seven to 10 years for equipment and 15 to 20 years for real estate. Up to $10 million in financing is available through the program.
The Innovation Ohio Loan Fund provides loans for acquisition, construction and related capital costs of technology, facilities, and equipment purchases. The fund was created to help Ohio companies develop next-generation products and services within the state’s key industry sectors. Loans range from $500,000 to $1.5 million and can cover up to 75 percent of project costs.
State of Ohio Tax Credits
The Job Creation Tax Credit is a refundable and performance-based tax credit calculated as a percent of created payroll and applied toward the company’s commercial activity tax liability. Should the amount of the credit exceed the company’s commercial activity tax liability for any given year, the difference is refunded. Companies creating at least 10 jobs (within three years) with a minimum annual payroll of $660,000 and that pay at least 150 percent of the federal minimum wage are eligible for the credit; however, they must apply for the credit before committing to a project. The Ohio Tax Credit Authority must approve applicants before hiring begins.