Businesses engaged in manufacturing, research and development and distribution are eligible.
Eligible project costs include purchase of land, building, construction/renovation, machinery, equipment, long term leaseholds and other fixed-asset purchases. Refinancing is ineligible.
- The program may fund up to 50 percent of eligible project costs directly related to the fixed-asset purchase. The minimum loan is $500,000 and the maximum is $1,500,000.
- The loan is presented to the Ohio Department of Development Financing Advisory Council for review and the State Controlling Board for approval.
- The term of loan is conditioned upon the useful life of the assets, with the maximum limit of 15 years for real estate and 10 years for machinery and equipment.
- The interest rates are fixed at or below market rates and generally do not exceed 2/3 of the current prime rate.
- A minimum of 10% equity is required; the amount is higher for startups.
- Must create or retain one job for every $50,000 received. Priority may be given to eligible projects with higher wage or job creation commitments or projects located in Priority Investment Areas.
- Ohio prevailing wage rates apply to approved projects.