Federal, State and Local Finance Programs
Financing Programs available to eligible companies expanding within or locating to Lockland:
Fixed Asset Financing |
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| Use of Funds: | Industrial Revenue Bonds for Land, Building, Machinery, and Equipment |
| Eligible Borrowers: | Manufacturers |
| Maximum Loan: | Up to 100% of project costs up to $10 million |
| Rate: | Based on borrower’s credit or bank letter of credit |
| Term: | Up to 25 years |
| Bank Participation: | Letter of credit may be required |
| Other Requirements: | Must show repayment and management capabilities; must be able to document job creation or retention; Ohio prevailing wage rate applies |
| Issued by: | Village of Lockland Community Improvement Corporation (513) 761-1124 |
SBA 504 Loan |
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| Summary: | Fixed interest rate, low down payment, long term, easy processing, usually 90% financing 50/40/10 |
| Benefits: | $50,000 to $1.5 Million SBA Loan 10 to 20 years term Total loan size $125,000 to $5 Million Owner contributes 10% Company Net worth < $7 Million No prevailing wage |
| Uses: | New construction, purchasing land, building renovations, or equipment. |
| Typical Customer: | New or expanding companies acquiring fixed assets. |
| Areas Available: | State of Ohio, Northern Kentucky, and Southwest Indiana |
| Contact: | HCDC (513) 631-8292 Andy Young x16, Angie Howard x15, Mike Crowe x33 |
Regional 166 Loan |
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| Summary: | State of Ohio loan program targeted to manufacturing firms offering below market financing. |
| Benefits: | $0 to $350,000 loan Minimum project $100,000 Term is useful life of asset up to 15 years 2/3rd of prime interest rate Owner puts in 10% cash |
| Uses: | Usually machinery and equipment due to prevailing wage. Real estate possible based on project |
| Typical Customer: | Manufacturer, distributor, other non retail industrial entity |
| Areas Available: | Southwest Ohio counties |
| Issues: | Job requirement of one job per $35,000 of loan Ohio prevailing wage may apply |
| Contact: | HCDC (513) 631-8292 Andy Young x16, Angie Howard x15, Mike Crowe x33 |
Enterprise Zone Program (EZ) |
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| Summary: | Increased jobs and/or capital investments equates to less new taxes |
| Benefits: | Up to 75% tax abatement for up to 10 years |
| Uses: | Non-retail, manufacturers and office |
| Typical Customer: | Non-retail companies, minimum capital investment of $1 Million |
| Areas Available: | Majority of industrial areas of Hamilton County |
| Issues: | Locating other counties in Ohio, Kentucky, Indiana, and global |
| Contact: | HCDC (513) 458-2226 Dan Ferguson |
Community Reinvestment Areas (CRA) |
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| Summary: | Reduced taxes on real estate renovation or new construction |
| Benefits: | Up to 100% of increase in real property tax abated for up to 15 years Administered by local community |
| Uses: | Business (including retail) and residential properties |
| Typical Customer: | Retail, non-manufacturer |
| Areas Available: | Selected areas throughout Hamilton County |
| Issues: | Community must establish CRA zone |
| Contact: | HCDC (513) 458-2226 Dan Ferguson |
Job Creation Tax Credit (JCTC) |
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| Summary: | Refunds, commercial activity tax, or personal income tax for creation of 25+ jobs at 150% of Federal minimum wage rate ($10.88) |
| Benefits: | Maximum term is 75% for 10 years Provision allows for creation of only 10 jobs if wages are 400% of minimum wage |
| Uses: | Companies in Ohio |
| Typical Customer: | C-Corporation, sole proprietorship, partnership, limited liability corporation, or S-Corporation |
| Areas Available: | State of Ohio |
| Issues: | Jobs must be created in 3 years |
| Contact: | HCDC (513) 458-2226 Dan Ferguson |