Let WEDC Match Your Business With the Right Incentives

Overview - The Community Reinvestment Area (CRA) Program is an economic development tool administered by municipal and county government that provides real property tax exemptions for property owners who renovate existing or construct new buildings.  Community Reinvestment Areas are areas of land in which property owners can receive tax incentives for investing in real property improvements.

For Whom - The CRA Program is a direct incentive tax exemption program benefiting property owners who renovate existing or construct new buildings.

Benefits - The exemption percentage and term for commercial and industrial projects are to be negotiated on a project specific basis.

Overview - The Enterprise Zone (EZ) Program is an economic development tool administered by municipal and county governments that provide real tax exemptions to businesses making investments.  

For Whom - Enterprise Zones are designated areas of land in which businesses can receive tax incentives in the form of exemptions on eligible new investment. The EZ Program can provide tax exemptions for a portion of the value of new real property investment, when the investment is made in conjunction with a project that includes job creation.

Benefits - The exemption percentage and term for commercial and industrial projects are to be negotiated on a project specific basis.

Overview - Tax Increment Financing is an economic development mechanism that uses the increased real property taxes generated by new development to finance project costs.

For Whom - TIFs are implemented at the local level and may be created by a township, municipality, or county.

Benefits - Payments derived from the increased assessed value of any improvement to real property beyond that amount are directed towards a separate fund to finance the construction as defined within the TIF legislation.

Transformation Improvement District provides funding for transportation projects that promote economic development.

Community Improvement Corporation was established to advance, encourage, and promote industrial, economic, commercial, and civic development. 

Revolving Loan Fund Program

Overview - The Revolving Loan Fund (RLF) Program seeks to promote business start-up and expansion by creating and/or retaining employment opportunities for low to moderate income persons.  

For Whom - For-profit businesses located within Wayne County

Benefits - Eligible use of funds:

• Working Capital
• Land/Building Acquisition
• Acquisition of Machinery and Equipment

Micro Loan Program is designed to stimulate the growth of new and existing businesses by providing micro-loans at zero percent interest.

Business Enterprise Loan Program is designed to stimulate the growth of existing women-owned businesses by providing loans at market rate or below market rate interest.

Minority Business Direct Loan Program provides fixed, low-interest rate loans to certified minority-owned businesses.

Roadway Development 629 provides funding for public roadway improvements, including engineering and design costs.

Research and Development Investment Loan Fund provides loan financing for projects primarily engaging in R&D activity.

166 Direct Loan gives eligible businesses loans for land and building acquisition, construction, expansion or renovation, and equipment purchases.

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.

Innovation Ohio Loan Fund provides loans to companies developing next-generation products and services within the state's key industry sectors. 

Economic Development Grant exists to promote economic development, business expansion, and job creation.

Ohio Growth Fund provides capital for expansion projects to companies that have limited access to funding from conventional, private sources of financing.

Research and Development Center Grant facilitates the creation of corporate R&D centers in Ohio to support the development and commercialization of emerging technologies and products.

Revitalization Program provides both loans and grants to public and private entities seeking to clean up and redevelop sites.

Inclusion Grant exists to provide financial support for eligible projects in designated distressed communities and/or for businesses owned by underrepresented populations.

Workforce Grant promotes economic development, business expansion, and job creation by providing funding to companies for employee development and training programs.

Basic 7(a) Loan Program can be used for most sound business purposes including working capital, equipment, furniture, land and building, leasehold improvements, and debt refinancing (under special conditions).

504 Loan Program offers small businesses another avenue for business financing while promoting business growth and job creation.

Business & Industry Loan Guarantee Program is designed to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities.

Food Chain Supply Guaranteed Loan Program guarantees loans of up to $40 million for qualified lenders to finance food systems, specifically for the start-up or expansion of activities in the middle of the food supply chain.

Rural Business Development Grant is designed to support targeted technical assistance, training, and other activities lending to the development or expansion of small and emerging private businesses in rural areas with fewer than 50 employees and less than $1 million in gross revenue.