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| Working with both local and state programs, the Economic Development Office can offer financial assistance by providing funding sources for eligible projects. Through low-interest loan programs, bond programs and infrastructure grants, the office has the ability to work with both financial institutions and the Ohio Department of Development to develop unique financial assistance packages. |
| Community Development Block Grant Program |
| The Community Development Block Grant (CDBG) program is a Federally funded loan program administered and monitored by the Ohio Department of Development. Projects may apply for CDBG funding through Delaware County, provided the projects assist in the development and revitalization of the local community, and create new jobs. The CDBG program can provide up to $500,000 for fixed asset financing (land, building, machinery and equipment) for the business expansion or relocation. Funds are available at a rate between 5-7%, with a flexible term. Additionally, infrastructure grants are available for up to $400,000 for off-site infrastructure development that may be necessary for the business project. This grant is made to the county, who in turn is responsible for the infrastructure improvements. The Delaware County Economic Development Office will work with interested business to prepare the CDBG application and ensure that all the federal requirements are complied with. |
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| Revolving Loan Fund |
Delaware County operates its own low-interest loan fund, the Revolving Loan Fund, available for business expansion and relocation projects on a gap-financing basis. The loan fund can finance fixed asset purchases (land, building, machinery and equipment) in a project located in Delaware County. Interest rates are fixed throughout the life of the loan, between 5-7%, and the term is flexible up to 15 years. Requirements for involvement in the loan program include bank participation, equity participation of 10% or greater of the total project cost, and job creation and/or retention. |
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| Ohio Enterprise Bond Fund |
| The Ohio Enterprise Bond Fund is an Ohio Department of Development program that provides between $1 million and $10 million in funding for the purchase of existing buildings, land, new/used machinery and equipment, renovations of existing buildings and new construction. Additionally, project related soft costs might be included in the funding. This financing can cover up to 90% of the total project amount, with a long-term fixed interest rate of up to 15 years. The Economic Development Office will work with interested businesses to connect them with the appropriate Department of Development contact. |
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| Ohio Regional 166 Program |
| The 166 regional loan program is a direct loan to manufacturing and distribution businesses to assist in the financing of land, building and/or equipment projects. The term of the loan will match with the involved bank’s term, with a maximum of 15 years. The rate is 2/3 of prime, fixed throughout the life of the loan. Job creation is a requirement of the program, with a minimum of one job created for every $35,000 loaned. The Columbus Countywide Development Corporation is the source for 166 Regional financing, and the Delaware County Economic Development Office can give you the appropriate contact. |
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| Regional SBA 504 Program |
| The Small Business Association offers direct loan program administered regionally, available for the purchase of land, building and machinery and equipment, or new construction of a building. The financing of a project when SBA 504 money is utilized follows the following sources: Bank financing, 50%; SBA 504 financing, 40%, Equity contribution, 10%. These loans are long-term, fixed rate loans for a variety of business types, from small businesses to industries. The regional program for Delaware County is administered through Columbus Countywide Development Corporation. The Delaware County Economic Development Office can assist businesses in contacting the appropriate loan officer. |
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