| Program Name |
Type |
Administrator |
Program Description |
Basic Requirements |
| Community Reinvestment Area |
Tax Exemption on Real Property Tax |
Local Communities |
For the purpose of offering real property tax exemptions to existing businesses wishing to expand and for new businesses moving into the CRA |
Business must locate within one of the Community Reinvestment Areas. For post-1994 CRA's, the business must wait for approval before they can start building. If the proposed exemption exceeds 50%, local school district consent is required unless the legislative authority determines, for each year of the proposed exemption, that at least 50% of the amount of the taxes estimated that would have been charged on the improvements if the exemption had not taken place will be made up by other taxes or payments available to the school district. |
| City of Geneva Industrial Revolving Loan Fund |
|
City of Geneva |
To assist new or growing businesses with low interest loans for expansion or additional capital. Money came through ODOD |
For real estate, machinery, or working capital |
| City of Geneva Downtown Revitalization Loan Program |
|
City of Geneva |
For small businesses in the Business Improvement District, offers low interest loans. |
For working capital, interior or exterior improvements, inventory, etc. in cooperation with local banks. |
| Joint Economic Development District |
|
City of Geneva |
Attempts to prevent annexation of land by allowing neighboring communities to share resources and services. Example: Geneva shares sewers with nearby township and levies a JEDD tax on both communities. |
Cities must share a public service. |
| Downtown Revitalization Loan Fund |
|
City of Conneaut |
0% interest loan and has no fee for applying. |
In order to be eligible for this loan, the business must be established in the Downtown District, making improvements to the faade of the building and a minimum of 50% participation (40% bank, 10% owner) by the owner. |
| City of Conneaut Revolving Loan Fund |
|
City of Conneaut |
|
To be eligible for these monies, a business must be established in the City of Conneaut. These loaned monies may only participate up to 50% of a project needs. A bank (40%) and equity participation (10%) is required. Funds may be used for a fixed asset purchase, working capital or real estate acquisition. Legal fees are the only fees a business will pay for these services. The interest rate is typically 1-2% less than prime and the |
| Enterprise Zone Tax Incentives |
Tax Abatements |
|
The county has designed an Enterprise Zone to encourage investment and job creation. Within the Enterprise Zone, which covers 80% of the county, special tax incentives are offered to businesses that invest in capital improvements and create and/or retain jobs.
|
Must be a manufacturing, distribution or research and development firm. |
| Ashtabula County Revolving Loan Fund |
Low-Interest Loan |
|
To help finance businesses looking to acquire additional property |
A business may be a sole proprietorship, partnership or corporation. The business should be for-profit, although non-profit corporations will be considered in exceptional circumstances. Ashtabula County 503 Corporation funds may be used to finance a wide variety of business needs; including acquisition of real estate, machinery and equipment, and working capital. A 10% equity contribution is required of the borrower. The financed project must create or save jobs in the community .
|
| Foreign Trade Zone |
|
Ashtabula County Port Authority |
Foreign and domestic merchandise may enter the zone without a formal customs entry or the payment of customs duties and be exempt from federal and state use/excise and personal property taxes. There are two types of zonesgeneral purpose and sub-zone. A general purpose zone includes multiple activities by multiple users, like an industrial park. A sub-zone is a one user plant or facility. |
Any qualified business in the city of Ashtabula can take advantage of the benefits of the FTZ. |