Public Sector Financing
  • City of Salem Incentives

  • Columbiana County Programs

  • State of Ohio Incentives

  • JobsOhio

  • SBA

  • USDA

  • Additional Resources

City of Salem

Tax Increment Financing (TIF) — Tax Increment Financing (TIF) is an economic development mechanism available to local governments in Ohio to finance public infrastructure improvements.  A TIF works by locking in the taxable worth of real property at the value it holds at the time the authorizing legislation was approved. 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 of public infrastructure defined within the TIF legislation.


CRA Tax Abatement — CRA is a tax abatement program for new construction, expansion, and remodeling.   As a participant in the program you are eligible to receive up to a 15 year Tax Abatement on the “increased or improved value” of your real property. To Qualify for CRA work must be completed in eligible abatement areas, obtain a City of Salem Zoning Permit, complete the Tax Abatement Application and file it with the Zoning Department before December 15th of the year the project is completed.


Job Creation Incentive — The Job Creation Program can provide a yearly incentive for relocating jobs or creating net new jobs in the City.  The term of the incentive can extend up to 5 years and can pay up to 55% of the annual City Withholding Tax back to the Employer.  New Downtown jobs relocated or created in the City can pay back up to 100% in the first year!


Net Profit Tax Incentive — The Net Profit Tax Program can provide a yearly incentive for starting or relocating a business in the city by incenting up to 55% of the annual City Net Profit Tax based on the number of new employees added to the City.  This incentive program can be extended for up to 5 years.  New Downtown Businesses can receive up to 100% incentive in the first year! 


Business Acquisition and Growth Incentive — The mission of the Business Acquisition & Growth Incentive is to sustain current jobs and promote the turn-around of at-risk business inside the City. The program can provide a yearly incentive for maintaining employment levels for 3 years or growing employment for up to 5 years.  The incentive can pay up to 100% of the annual City Net Profit Tax based on the number of maintained employees or added employees to the city.


For more information on City of Salem Incentive programs, contact Julie Needs, SOD Center Executive Director at 330-337-7669 or This email address is being protected from spambots. You need JavaScript enabled to view it.

Columbiana County

County Revolving Loan Fund

Columbiana County Economic Development logo Columbiana County Economic Development – 330-424-1800

Community Action Agency Micro Loan Program

  Columbiana County Action Agency – 330-424-7221

Port Authority Bond Financing

Columbiana County Port Authority logo
Columbiana County Port Authority – 330-424-1800

Port Authority Sales Tax Exemption

Columbiana County Port Authority logo
Columbiana County Port Authority – 330-424-1800

 

State of Ohio Tax Incentives, Loan & Grant Programs

State Tax Credits

Historic Tax Credits — The Ohio Historic Preservation Tax Credit Program provides a tax credit in order to leverage the private redevelopment of historic buildings. The program is highly competitive and receives applications bi-annually in March and September.


The Ohio New Markets Tax Credit Program — The Ohio New Markets Tax Credit Program helps to finance business investments in low-income communities by providing investors with state tax credits in exchange for delivering below-market-rate investment options to Ohio businesses. Investors receive a 39% tax credit spread over seven years if they make an investment in a qualified low-income community business. Community Development Entities (CDEs) apply to the program for allocation authority, and work with investors to make qualified low-income community investments. The attractiveness of the tax credit helps to spark revitalization in communities of all types and sizes.


Job Creation Tax Credit — 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.

State Loan & Grant Programs

Ohio 3rd Frontier — To accelerate the creation and growth of investable and scalable technology and tech-enabled companies, the Ohio Third Frontier provides access to essential business assistance, capital and talent resources. The Ohio Third Frontier is a thriving statewide community of expert people and organizations dedicated to increasing the odds of success of your entrepreneurial enterprise. For more information on 3rd Frontier visit https://www.development.ohio.gov/bs_thirdfrontier/currentprograms.htm or contact Julie Needs, SOD Center Executive Director at 330-337-7669.


166 Direct Loan — 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.


ODSA Research & Development Investment Loan — 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 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.


Ohio Enterprise Bond Fund — 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.


Innovation Ohio Loan Fund — 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 are available for public roadway improvements, including engineering and design costs. Funds are available for projects primarily involving manufacturing, research and development, high technology, corporate headquarters, and distribution activity. Projects must typically create or retain jobs. Grants are usually provided to a local jurisdiction and require local participation.


For more information on these programs, contact Julie Needs, SOD Center Executive Director at 330-337-7669 or This email address is being protected from spambots. You need JavaScript enabled to view it.

JobsOhio Loan & Grant Programs

Benefits for Your Specific Business Needs

Ohio offers performance-based incentives to assist companies that are starting, relocating or expanding operations in the state. Funding decisions are based on a number of project factors, including but not limited to job creation, payroll figures, fixed-asset investment commitment, project location and project return on investment.


JobsOhio Growth Fund — The JobsOhio Growth Fund Loan provides capital for expansion projects to companies that have limited access to capital and 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 revenues through a proven business plan.


JobsOhio Revitalization Grant — The JobsOhio 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.


JobsOhio Economic Development Grant — The JobsOhio Economic Development Grant exists to promote economic development, business expansion and job creation by providing funding for eligible projects in the state of Ohio.


JobsOhio Inclusion Grant — The JobsOhio 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


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


For more information on these JobsOhio programs, contact Julie Needs, SOD Center Executive Director at 330-337-7669 or This email address is being protected from spambots. You need JavaScript enabled to view it.

SBA

The SBA works with lenders to provide loans to small businesses. The agency doesn’t lend money directly to small business owners. Instead, it sets guidelines for loans made by its partnering lenders, community development organizations, and micro-lending institutions. The SBA reduces risk for lenders and makes it easier for them to access capital. That makes it easier for small businesses to get loans.

SBA 504 Direct Loan

Consumers national Bank logo Consumers National Bank — Vicki Hall @ 330-936-4494 or This email address is being protected from spambots. You need JavaScript enabled to view it.

Huntington logo Huntington National Bank — This email address is being protected from spambots. You need JavaScript enabled to view it.

Premier Bank logo Premier Bank — Joe Fanto @ 330-742-0205 or This email address is being protected from spambots. You need JavaScript enabled to view it.

Valley Economic Development Partners Valley Partners — contact Terrence Louk @ 330-759-3668 x12 or This email address is being protected from spambots. You need JavaScript enabled to view it.

SBA 7(a) Loan Guarantee

Consumers national Bank logo Consumers National Bank - Vicki Hall @ 330-936-4494 or This email address is being protected from spambots. You need JavaScript enabled to view it.

Huntington logo Huntington National Bank — This email address is being protected from spambots. You need JavaScript enabled to view it.

Premier Bank logo Premier Bank — Joe Fanto @ 330-742-0205 or This email address is being protected from spambots. You need JavaScript enabled to view it.

Valley Economic Development Partners Valley Partners — contact Terrence Louk @ 330-759-3668 x12 or This email address is being protected from spambots. You need JavaScript enabled to view it.

SBA Community Advantage

Valley Economic Development Partners

Valley Partners — contact Terrence Louk @ 330-759-3668 x12 or This email address is being protected from spambots. You need JavaScript enabled to view it.


 

USDA

Watch for more information to be added for USDA.

Additional Resources

(most offered at no cost to businesses)

Small Business Development Centers: Development.Ohio.Gov.

Minority Business Assistance Centers: Ohio.Gov.

Procurement Technical Assistance Centers: GovContracts.Ohio.Gov.

Manufacturing Extension Partnership: Development.Ohio.Gov.

Export Assistance Network: Development.Ohio.Gov.

Entrepreneurial Services Provider Program: Development.Ohio.Gov.

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"We support all businesses, small and large, to attract, retain, expand and develop. We help build entrepreneurship, provide training facilities and connect you with the right resources – while collaborating with regional, state and national resources. We are all Growing in Salem." - Julie Needs, Executive Director, SOD Center