Incentives
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The following programs are available and designed to help you with the process. If you would like assistance in walking through this process, our team is here to help.
The Putnam County CIC manages the Ohio Community Reinvestment Area (CRA) program for industrial and commercial projects in Putnam County. A CRA is an economic development tool providing real property tax exemptions for property owners who renovate existing buildings or construct new buildings. Property owners can receive tax abatements based on their investment in real property improvements. CRA applications are available at our office and must be approved before construction.
For-profit and non-profit businesses may be eligible for a Revolving Loan Fund as a gap financing tool for commercial and industrial projects. Loan amounts between $10,000-$300,000 are available with fixed interest rates for equipment or owner-occupied commercial real estate loans.
Now in its 37th year in Putnam County, the Port Authority offers innovative financing, assisting in projects representing combined local investments of over $19 MM. The Capital Lease Program allows a company to be exempted from sales tax (5.34%) on all construction materials during a qualified building project. As the development and fiscal agent for the Port Authority of Northwestern Ohio, we step you through the process.
Please call the Putnam County CIC at 419-565-4406 for assistance.
Putnam County receives benefits as a Foreign Trade Zone (#151), providing substantial benefit to companies trading with other countries.
Tax Increment Financing (TIF) is an economic development tool available to help local governments finance public infrastructure improvements. A TIF works by locking in the taxable value of real property at the time the authorizing legislation was approved. Payments derived from the increased assessed value of real property improvement are directed to a special TIF fund to finance public infrastructure defined within Ohio TIF legislation. The Putnam County CIC manages the TIF program for local projects.
Grants & Loans in the State of Ohio
It’s never too early to start! The Putnam County CIC is the connector for businesses and developers seeking state grants, loans and incentives through JobsOhio, Ohio Department of Development, Ohio Department of Transportation Jobs and Commerce, the local Transportation Improvement District and other agencies. Because participating in these programs requires advanced notice, businesses and communities are encouraged to contact the CIC team in the earliest possible stages of project planning and prior to public announcement of a project.
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.
Loans and incentives for veteran-owned businesses.
The Economic Development Grant promotes economic development, business expansion and job creation by providing funding for eligible projects in the State of Ohio.
The JobsOhio Small Business Grant provides financial support for eligible projects in designated distressed communities and/or for businesses owned by underrepresented populations, including Veterans, monitories, women and others. In Putnam County, the grant is up to $25,000.
Roadwork funds are accessible for projects that create or retain jobs and primarily involve manufacturing, technology, research and development, corporate headquarters, or logistics/distribution activity. We work with JobsOhio to facilitate applications from communities where public roadway improvements are desired to support development projects. The 629 grants require local match dollars.
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 helps develop 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.
This program provides loan financing of $500,000 to $5 MM for projects primarily engaging in R&D activity. The loans have fixed rates (at or below market rates) and other 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 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 helps Ohio companies develop next-generation products and services within the state’s key industry sectors. Loans range from $500,000 to $1.5 MM and can cover up to 75% of project costs.
Ohio Department of Development helps small businesses, manufacturers, nonprofits, school districts and local governments implement energy efficiency improvements to lower energy use and costs. Through the Energy Loan Fund, eligible applicants receive low-interest financing to install efficiency measures that reduce energy by at least 15%. Technical assistance is also available to facilitate the required energy audit for potential applicants.
The Economic Development Program creates and retains permanent, private-sector jobs, principally for low- and moderate-income persons, through the expansion and retention of business and industry in Ohio. Funds are granted to local government applicants for both economic development loan and public infrastructure projects. Eligible activities include provision of financial assistance for public off-site infrastructure improvements and fixed asset financing for land, building, machinery and site preparation directly and primarily related to the creation, expansion or retention of a business that results in job creation and retention for persons of low- and moderate-income.
This loan program stimulates the growth of existing women-owned businesses by providing loans at market rate or below market rate interest (currently up to 3%). The minimum loan amount is $45,000 up to a maximum of $500,000. Loans will be repaid within 10 years for equipment and machinery and in 15 years for owner-occupied real estate.
The Vibrant Communities Program was established to assist distressed, small and mid-sized cities with catalytic development projects that fulfill a market need and represent a significant reinvestment in the community. Program Guidelines Here
The Pre-Project Planning Program
This program recognizes that small and medium-sized communities may not have adequate resources to develop catalytic economic development projects necessary to transform the community and attract private investment. This program offers targeted technical assistance to address gaps in capacity and expertise to ultimately generate more Vibrant Communities Program projects across the state. Communities must be on the eligibility list.
Workforce Incentives
Upskill your workforce today with TechCred! TechCred helps Ohioans learn new skills and helps employers strengthen their workforce. Through TechCred, employers enroll workers in any of over 600 technology-focused credentials and receive training cost reimbursement when the credential is completed.
Putnam County offers federal tax credits to local employers who hire individuals from nine target groups. Credits range from $1,200 to $9,600 based on the number of hours worked.
Federally funded program through the WIA is offered by Putnam County Job and Family Services to assist employers with hiring and training for long term employment, recruit and pre-screen candidates, and reimburse employers for training newly hired employees.
Ohio’s STEM and technical talent helps propel companies’ growth and success, but access to a steady talent pipeline can be a challenge for employers nationwide. The JobsOhio Relocation Incentive helps Ohio employers of any size in ten critical sectors expand their workforce with direct financial incentives for attracting out-of-state professionals of $15,000 per employ, or up to $225,000 per company. To apply, confirm your business qualifies by reviewing the guidelines, then complete and submit the application at https://development.ohio.gov/community/redevelopment/energy-loan-fund Note: The online application must be completed in a single session – it cannot be saved and completed later.
Download the relocation incentive guide here.
The Workforce Grant promotes economic development, business expansion and job creation by providing funding to companies for employee development and training programs.
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.