Incentives
We’re Here to Help
Ohio has a thriving and competitive business climate that makes it easier for businesses to start, relocate, or grow within the state. The team at JobsOhio makes it even easier with performance-based initiatives for companies that are looking to relocate or expand. We work in partnership with companies and local communities to implement personalized incentive packages for each company’s specific success.
SUCCEED IN OHIO
JobsOhio Economic Development Grant
Promotes economic development, business expansion, and job creation by providing funding for eligible projects in the state of Ohio.
JobsOhio Growth Fund
Provides capital for expansion projects to companies that have limited access to funding from conventional and private sources of financing.
JobsOhio R&D Center Grant
Facilitates the creation of corporate R&D centers in Ohio to support the development and commercialization of emerging technologies and products.
JobsOhio Workforce Grant
Promotes economic development, business expansion, and job creation by providing funding to companies for employee development and training programs.
Ohio Loan and Grant Programs
Research and Development Investment Loan Fund
The 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 purchases. 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 the project cost.
Roadwork Development (629) Funds
Roadwork Development (629) Funds are available 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 are provided to a local jurisdiction and require local participation. They can be used to reimburse accumulated costs.
State 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. Final approval of the tax exemption is contingent upon the approval of the Ohio Tax Credit Authority.
The Data Center Tax Exemption provides a sales-tax exemption rate and term that allow for partial or full sales tax exemption on the purchase of eligible data center equipment. Projects must meet minimum investment and payroll thresholds to be eligible. Final approval of the tax exemption is contingent upon the approval of the Ohio Tax Credit Authority.
What Incentive is Right for You?
The team at JobsOhio is here to discuss your specific business needs and what incentive is right for you and your company. We meet with businesses like yours to take advantage of the grants, funds, and tax incentives that will give your business the opportunity to grow in Ohio.