There are many advantages in bringing your business to the Village of Woodlawn. Please see programs your company can take advantage of, below:
This real property tax incentive is available to non-retail enterprises that agree to establish, expand, renovate, or occupy a facility within a county-designated enterprise zone and agree to retain or create employment at the project’s location. A business must finalize an agreement prior to project commencement.
This program is similar to the Enterprise Zone program but housing and retail may be eligible. Incentives from this program are only available in select areas of the Village. A business must finalize an agreement prior to project commencement.
allow companies which intend to create quality new jobs in the State of Ohio to benefit from a credit on their taxes due to the State. A business must finalize an agreement prior to creation of the jobs.
The Ohio Regional “166″ Loan Program assists growing businesses in acquiring machinery, equipment and real estate through a partnership between business owners, conventional bank financing and HCDC. The Ohio Regional 166 Loan is an attractive, fixed-interest rate loan with a lower down payment. The interest rate is typically 2/3rds of the current prime rate. The Program offers up to a 15-year term for real estate and up to a 7-year term for machinery and equipment (unless appraised for a longer life). Monthly payments are lower, so businesses can keep their cash for working capital. The borrower must contribute at least 10% of the project cost in cash. HCDC provides up to 40% of the project cost up to a $500,000 loan. A private lender provides the balance on a shared first lien basis.
The U.S. Small Business Administration (SBA) 504 loan program provides small and medium-size businesses with long-term, low, fixed-rate financing for owner-occupied commercial real estate and heavy machinery projects. The inspiration behind the SBA 504 loan is to promote business investment and job creation by providing access to low down payment financing, so that small businesses can preserve cash to operate their business.
The SBA 504 loan packages two loans together, one from HCDC and one from a private lending partner, such as a commercial bank or credit union. The structure of the loan is typically 50/40/10. The lending partner makes a commercial loan typically 50% of the total project costs and holds a first mortgage. HCDC provides a subordinated, fixed-interest rate, long-term loan for up to 40% of project cost up to $5 million ($5.5 million in special cases). The borrower typically provides an equity injection of as little as 10% of the project cost.
For more information please contact: Daniel Ferguson, HCDC Economic Development, firstname.lastname@example.org or call (513) 458-2226