Eligibility/Use Of Funds
Fixed assets; machinery and equipment
Incentive/Benefit
Provides loans for land and building acquisition, expansion, or
renovation, and equipment purchase; industrial projects preferred.
Low interest rate; low minimum down payment (10%)
Rate/Term
Up to 30% of total eligible fixed cost ($1 million maximum, $350,000
minimum), two-thirds of prime fixed rate for 5-15 years; equity
minimum 10%, bank minimum 25%. In distressed areas of the State,
preferential rates and terms are available. Final approval must be
received from the Development Finance Advisory Board (DFAB) and the
State Controlling Board.
Requirements
Must create one Ohio job for each $15,000 received; Ohio prevailing
wage applies for all construction projects
