Proud To Serve Our Community...

Zoning Department
[ Up ] [ Comission Meeting Minutes ] [ JEDD Minutes ] [ Contacts for Permits ] [ Development Incentives ] [ Zoning Articles ] [ Zoning Fees ] [ Zoning Forms ] [ Comprehensive Plan ] [ General Application ] [ BZA - Hearing Dates ] [ BZA - Meeting Minutes ] [ Commission Hearing Dates ]
 

Clay Township Business Retention, Expansion and Development Incentives

1. Economic Development/Government Equity (ED/GE) - The ED/GE Program was established by the Montgomery County Commissioners in 1992 to attract jobs and retain the County's tax base, reduce inter-local competition for development, enable the County to successfully compete as a region in national and international markets, and to share the benefits of county-wide economic prosperity among all jurisdictions in the County. Twenty-eight (28) jurisdictions, representing 97% of Montgomery County's population, are members.

ED/GE consists of two components: economic development (ED) and government equity (GE). The program is funded by the Montgomery County Commissioners and with county wide sales tax proceeds for a nine-year period.  ED/GE funds are to be used primarily to establish or expand commercial, industrial and research facilities and create and preserve job and employment opportunities.

2. County Corp Loans (Regional Development Corporation) County Corp is a private corporation working in cooperation with Montgomery County. County Corp offers, or administers, a variety of services which are usually less cumbersome than other government programs. Those services include:
    

This "504" loan program is very successful for three reasons:

The borrower provides as little as 10% of the total cost.

The bank or private lender who provides the 50% has first claim or lien on the entire assets because the 40% provided by the Small business Administration is secured by a second mortgage, whereas the bank or private lender has a first mortgage on 100% of the assets, resulting in an attractive loan to the bank.

The interest rate on the 40% is fixed for the term, which can be 10 to 20 years, and the rate of interest s only 7/8% above the U.S. Debenture Rate. Twice each month the Federal Treasury sells Debentures to cover the loans made by the Small Business Administration; these Debentures are sold at auction to the lowest bidder, and that rate, plus the 7/8% mentioned previously, establish the interest rate for the term of the loan, resulting in a very competitive rate of interest.

Because "504" loans are secured by a second or third mortgage, the Small Business Administration generally requires the personal guarantee of the principal owners or shareholders of the Borrower.When a "504" loan is made in conjunction with a State loan, the "504" loan will permit the State to take the second mortgage, and "504" will, in most cases, take a third mortgage.

2. Regional 166 Loans (Maximum $350,000) Fixed asset loans at two-thirds of prime (no lower than 4%).
3. Community Development Block Grant Loans (Maximum $100,000) (Available through County entitlement program as well as the State of Ohio small Cities and Counties Program). These loans are targeted toward simple real estate acquisitions or equipment purchases. The rates and terms are determined on the merits of each application. Acceptance of this money invokes federal record keeping requirements.
4. Capital Plus Loans These smaller loans (under $50,000) are targeted toward first time small business borrowers. COUNTY CORP works with local lenders in packaging Small Business Administration guarantees for these loans.
5. Microenterprise Day Care These loans are targeted toward licensed "for profit" day care centers. The maximum loan is $25,000 with funding to be used for capital, equipment or remodeling needs.
    

3. Industrial Job Training The state can make funds available for training employees. The Montgomery County Private Industry Council can also provide training and can pay 50% of the new employees' wages for six (6) months, and in some cases for a longer period.
    

4. The State of Ohio's "Linked Deposit Loan Program" This program enables a business to borrow funds from their bank at an interest rate of 2 or 3 percent below the rate which the bank would normally charge. The bank is able to grant this reduced rate because the State of Ohio agrees to deposit a like amount with the bank, and the State agrees to accept 2 or 3 percent less interest than the bank would normally pay on such a certificate of deposit. These loans can be for two (2) years and can be renewed for an additional two (2) years. For example, the bank lends $200,000 to business at an interest rate of 2 or 3 percent less than usual, because the State of Ohio will deposit $200,000 in the bank at an interest rate of 2 or 3 percent less than their usual rate of return.
    

5. Ohio Department of Development Programs-Township staff can help you coordinate the following programs with the Ohio Department of Development. The Ohio Department of Development can also be contacted at (614) 466-4551.

·         High Unemployment Program: Targets hands-on training experience to specific clientele, including employers who hire economically disadvantaged populations with limited skill base.

·         School-To-Work Initiative: Supports mentors in business and industry to train high school students in a pre-apprenticeship program.

·         Minority Direct Loan Program: Makes loans from $45,000 - $400,000 to companies certified as Minority Business Enterprises.

·         Mini-Loan Guarantee Program: Provides partial guarantees for projects of $100,000 or less.

·         Research and Development Tax Credit: A sales tax exemption for machinery and equipment used in research and development.

·         Ohio Export Tax Credit: A non-refundable franchise tax credit for corporate or individual taxpayers who increase export sales, if they also increase either Ohio payroll or Ohio capital expenditures.

·         Warehouse Inventory Tax Exemption: All products shipped into Ohio held for storage only, and shipped outside of Ohio will be exempt from personal property inventory tax.

·         Warehouse Equipment Sales Tax Exemption: A sales tax exemption for equipment used in warehousing and distribution.

·         Horticulture/Livestock Structure Sales Tax Exemption: A sales tax exemption for materials used in constructing horticulture and livestock structures