Leaves

Department of Community and Economic Development

Contact Information

Anita Stocker, Director
Community and Economic Development
470 Center Street,  Building #1A
Chardon, Ohio 44024-1243

Phone:  (440) 279-1790
Fax:  (440) 285-7761

E-mail:  kconrad@geaugaced.com

Business Financing

More detailed financing information and agency contact numbers are listed below. Click the links below, or scroll down. For more information, use the contact us form or call. Contact information is provided at bottom of page.

Visit Jobs Ohio to browse additional financing and other business services and incentive programs provided by the Ohio Department of Development.

Industrial Development Revenue Bond

Business/Project
Manufacturing only. Fixed assets only, which includes land, building and fixed equipment.
Rate/Terms
Loan amount range from $750,000 minimum and up to $10,000,000 maximum. Up to 100% of project cost for up to 20 years. Variable and fixed rates, starting at two-thirds of prime rate. Requires Letter of Credit from lending institution. Prevailing wage rates apply.
Eligibility
Manufacturing only. Must create one or more jobs.
Apply To
Geauga County Community & Economic Development
Contact
Anita Stocker (440) 279-1790

SBA 504 Loan

Business/Project
Fixed assets only (land, building and fixed equipment) for user with net worth less than $6 million, or after-tax-2-year net profit average under $2 million.
Rate/Terms
$750,000 up to 40% of total project cost, fixed at 1% above treasury bond rates for a similar term may go up to $1 million in rural areas; term of 10 or 20 years. Federal dollars cannot exceed 50% of project cost.
Eligibility
Cash flow must be greater than debt service; appraisal; must create one Ohio job for every $50,000 received.
Apply To
Geauga County Community & Economic Development
Contact
Anita Stocker (440) 279-1790

Ohio 166 Regional Loan Program

Business/Project
Land and building acquisition, expansion or renovation, and equipment purchase; industrial projects preferred.
Rate/Terms
Up to 40% of total eligible fixed cost ($350,000 maximum); rate negotiable for 5 - 15 years; equity minimum 10%, bank minimum 25%. Ohio prevailing wage rate applies.
Eligibility
Must show repayment and management capabilities; must create one job for every $25,000 received.
Apply To
Geauga County Community & Economic Development
Contact
Anita Stocker (440) 279-1790

Community Development Block Grants

Business/Project
Projects must help in the development and revitalization of local communities. Must be fixed assets related to commercial, industrial or infrastructure.
Rate/Terms
$500,000 maximum grant to small city or non-urban county on behalf of a business project. Available to user or developer, at approximately 5% to 7% fixed (based on need); flexible term.
Eligibility
Project must create or retain at least five jobs; 51% of all jobs must be for persons from low- and moderate-income households; federal prevailing wage rates may apply; environmental review covering entire project must be performed; 5% equity in fixed assets; minimum 1:1 leverage; maximum $25,000 in request for each full-time job. Infrastructure grants require local participation based on distress levels.
Apply To
Geauga County Community & Economic Development
Contact
Anita Stocker (440) 279-1790

Ohio Enterprise Bond Fund

Business/Project
Land and building acquisition, construction, expansion or renovation, and equipment purchase for commercial or industrial projects between $1 million and $10 million in size.
Rate/Terms
Long-term, fixed rate for up to sixteen years; interest rate based on Standard & Poor’s A-minus rating, for up to 90% of total project amount.
Eligibility
Must show repayment and management capabilities, and must be able to document job creation or retention; Ohio prevailing wage rate applies.
Apply To
Office of Financial Incentives, Ohio Department Of Development.
Incentives
Long-term, fixed rate for up to 90% of total project costs; access to national capital markets for unrated companies; may not require third-party credit enhancement.
Contact
Anita Stocker (440) 279-1790

Direct Loan (166 Loan)

Business/Project
Land and building acquisition, expansion or renovation, and equipment purchase; industrial projects preferred.
Rate/Terms
Up to 30% of total eligible fixed cost ($1 million maximum, $350,000 minimum), two-thirds of prime fixed rate for 10-15 years; equity minimum 10%, bank minimum 25%. In distressed areas of the State, preferential rates and terms are available. However, the Director of Development may authorize a higher loan amount or modified terms which address a unique and demonstrated economic development nee
Eligibility
Must show repayment and management capabilities; must create one job for every $25,000 received; Ohio prevailing wage rate applies.
Apply To
Office of Financial Incentives, Ohio Department Of Development.
Contact
Anita Stocker (440) 279-1790

Linked Deposit Program

Business/Project
Fixed assets, working capital and refinanced-debt for small businesses, creating or retaining jobs. A similar Agricultural Linked Deposit Program provides funds for Ohio farmers to help meet planting deadlines.
Rate/Terms
3% below current lending rate fixed for 2 years (possible 2 year extension); bank may then extend term at current rates. (All other sources of funds allowable.) The Agricultural Linked Deposit Program provides up to $100,000 per farm at reduced rate, approximately 4% below borrower’s current rate.
Eligibility
Must have Ohio headquarters and no divisions out of state, create one job for every $15,000 to $25,000 received, have 150 or fewer employees, be organized for profit, and have bank loan from eligible state depository. The Agricultural Linked Deposit Program is available for Ohio full-time farmers. Criteria include need, debt-to-equity cash flow, bank loan from eligible state depository or Production Credit Association.
Apply To
Financial institution that has been approved as a state depository for the Agricultural Linked Deposit Program, eligible lending institutions and Farm Credit Service offices throughout Ohio. Applications available early in the calendar year.
Contact
Public Affairs Office, Treasurer of State (614) 466-8855 or 1-800-228-1102 (in Ohio).

Minority Direct Loan

Business/Project
Purchase or improvement of fixed assets for state-certified minority-owned businesses.
Rate/Terms
Up to 40% of total project cost at 4.5% fixed for up to 10years (maximum). Equity required.
Eligibility
Must show repayment ability, management capabilities; create one job for every $15,000 received; company must be at least 51%minority-owned and controlled. Ohio prevailing wage rates apply for construction.
Apply To
Office of Minority Financial Incentives. Incentives: Rate, term, availability, greater bank security.
Contact
Office of Minority Financial Incentives, ODOD (614) 644-7708 or1-800-848-1300.

Minority Business Bonding Program

Business/Project
Surety bonding assistance for state-certified minority businesses.
Rate/Terms
Maximum bond pre-qualification of up to $1,000,000 per Minority Business. The bond premium for each bond issued will not exceed two percent of the face value of the bond.
Eligibility
Must be state-certified minority business who has been denied a bond by two surety companies within its current fiscal year. The project for which bonding is sought must be economically sound and benefit the people of the State by increasing opportunity for employment and by expanding minority business enterprise. The proposed minority business must not have defaulted on a previous bond.
Apply To
Office of Minority Financial Incentives.
Contact
Office of Minority Financial Incentives, ODOD (614) 644-7708 or 1-800-848-1300.

Local Revolving Loan Funds

Business/Project
Projects must create or retain jobs; 51% of all jobs must be for persons from low- and moderate-income households; federal prevailing wage rates may apply; and an environmental review covering entire project must be performed. All Community Development Block Grant guidelines must be met, including documentation of all project aspects.
Rate/Terms
Loan ceiling determined locally or by availability. Available to user or developer, typically at 5% to 7% fixed; flexible term. Appropriate use of federal program income funds determines participation level of community.
Eligibility
Projects must create and/or retain jobs and help develop, rehabilitate or revitalize a participating “small city” community. Financing is usually approved for fixed assets related to commercial, industrial or infrastructure.
Apply To
Geauga County Community & Economic Development
Contact
Anita Stocker (440) 279-1790

You can explore all of the State of Ohio business assistance programs, and link your business web site to Ohio's home page by following the "Connect Ohio" link on the "Related Links" page. For more information, please contact us.


  • Newbury Township industry.
    Newbury Township Industry
  • Kinetico in Newbury.
    Kinetico in Newbury