Whether you are starting a business or expanding your current operation, financing and incentive programs are available.
If you are starting a business, the U.S. Small Business Administration (SBA) is a great place to review your financing options. The SBA offers loan programs, investment programs and bonding programs, all of which are designed to assist small businesses. The SBA also provides a wealth of useful information for starting your business.
The Lorain County Development Department offers low-interest loans to established businesses by way of the Revolving Loan Fund, the Recycling Revolving Loan Fund, and GAP Financing. Companies may also benefit from Tax Abatement that is administered by this department.
Revolving Loan Fund
The Lorain County Revolving Loan Fund (LCRLF) was established by the Lorain County Board of Commissioners more than twenty (20) years ago in order to provide gap financing in the form of low-interest loans for projects which will result in the creation of jobs in Lorain County.
Pursuant to the Ohio Revised Code 5709.63, County government (with the consent of the local legislative authority) may enter into a tax abatement agreement for a project that is located within the boundaries of a designated Enterprise Zone. The terms of the agreement are negotiated between the company and the local jurisdiction before being submitted to the County for approval (up to 75% abatement in incorporated areas and up to 60% abatement in unincorporated areas) The length of the abatement can extend up to ten (10) years.
For more information about tax abatement, please contact Dawn Calvert at (440) 328-2324 or firstname.lastname@example.org.
For larger projects ($1,000,000 to $6,000,000), The Lorain County Port Authority can assist through its Bond Reserve Fund or Conduit Bond Financing. Industrial Revenue Development Bonds are also available through the County for even larger projects. This department also works with the State to secure Economic Development funds for infrastructure projects.
Lorain County Port Authority Financing Programs
The BOND RESERVE FUND is designed to provide long term fixed interest rate financing for qualified industrial, commercial and public infrastructure projects. It enables small and medium sized companies with the ability to access the national capital markets through a system of reserves that serve as credit enhancement.
PORT LEASE STRUCTURED FINANCE options are generally used for large-scale projects. In-depth descriptions are available from our office. Please contact us to review your project