portauthority@coshoctoncounty.net

Phone: (740)622-7005

 

Financing

Ohio 166 Direct Loan

The Ohio Department of Development's (ODOD's) 166 Loan Fund can finance land, building, and M&E. The program will finance 30% to 40% of fixed asset costs, or $15,000 per job to be created, or $1,000,000, whichever is less. The interest rate is fixed at about 3%-4%. Terms range from 5 to 15 years, depending upon the useful life of the assets being financed.

The use of ODOD loans requires the payment of Ohio's prevailing wage rate on the construction and installation of machinery and equipment. The program will only lend to companies engaged in manufacturing, research & development, distribution and business services with a high percentage of sales outside of Ohio. The program requires completion and approval of a financial assistance application prior to a company committing to move forward with a project. A thorough financial analysis and full collateralization are required for approval. Security enhancement may be required. ODOD will take a shared first mortgage or lien position. ODOD financing is take-out financing, meaning interim financing may be required until construction is complete or M&E is installed. The approval process typically takes 90 days.

For more information about this and other state incentive programs, visit http://www.odod.state.oh.us/

The Revolving Loan Fund

The Coshocton Port Authority has a Revolving Loan Fund with a focus on helping existing businesses in our community expand and create new jobs. Applicants can request up to $50,000.00, but not exceed 40% of eligible project costs. It is payable up to a period of 10 years at 2/3 prime rate at the time of closing. This fund has been made available through grants from the Coshocton Foundation, Coshocton Rotary, Montgomery Foundation, Schooler Family Foundation, and grants from the USDA. DO NOT START YOU PROJECT BEFORE YOU APPLY.

For the RLF guidelines, please click here.

For an application, please click here.

To view some current RLF customers,  click here.

Innovation Ohio Loan Fund

The Innovation Ohio Fund provides loans for acquisition, construction, and related costs of technology, facilities and equipment purchases. The Ohio Department of Development created the fund to assist existing Ohio companies develop next-generation products and services within certain Targeted Industry Sectors. The Innovation Ohio Loan Fund provides competitive financing terms on loans to finance projects that will positively impact Ohio by creating high-value jobs, increasing tax revenues, and improving the economic welfare of Ohio.

Research and Development Investment Loan Fund

Research and Development Investment Loan Fund: Direct loan financing of between $1 million and $25 million is available for projects primarily engaging in research and development activity. Rates are fixed (currently at 3 percent), with terms similar to those of commercial bank financing. Companies receive a dollar-for-dollar, nonrefundable Ohio commercial activity tax credit for all principal and interest payments during the year.

Ohio Enterprise Bond Fund

Taxable and tax-exempt bond financing is available for projects through the Ohio Department of Development’s Ohio Enterprise Bond Fund (OEBF), which can finance up to 90 percent of the project costs to a maximum of $10 million. The term is subject to negotiation, but may range from 7 to 15 years. The interest rate on these bonds is fixed for the term of the loan and is determined at the time the bonds are issued. The OEBF has an AA- rating from S&P, meaning rates are generally below the rates at which most companies can borrow. The use of OEBF funds requires the payment of Ohio's prevailing wage rate on the construction of any buildings and installation of machinery and equipment. The program requires completion and approval of a financial assistance application prior to a company committing to move forward with a project. A thorough financial analysis and full collateralization are required for approval. Security enhancement may be required. DO NOT START YOU PROJECT BEFORE YOU APPLY.

Industrial Development Bonds

The Coshocton Port Authority (CPA) has the ability to issue industrial development bonds for credit-worthy companies undertaking a significant capital project. Bonds issued for manufacturing projects meeting certain guidelines have the ability to be tax-exempt, which lowers the interest rate of the bonds. Projects can be strict conduit financing, or the Port Authority can offer capital lease options. CPA’s involvement can offer tax savings and/or work with larger port authorities or the Ohio Enterprise Bond Fund to enhance the credit of a deal. Up to 90% of a capital project can be financed. Companies must be able to demonstrate their financial strength through their financial statements. A debt reserve account and credit enhancement, typically in the form of a letter of credit, may be required. Prevailing wage rates must be paid on construction.

GrowNOW

GrowNOW provides Ohio small businesses with a 3 percent interest rate reduction on bank loans when they are creating or retaining jobs.

For each job your business creates or retains, GrowNOW will reduce your interest rate by 3 percent in $50,000 increments, up to $400,000 maximum.

Three percent off of a $400,000 loan could mean an extra $24,000 in your pocket over the next two years.

Your business must meet the following criteria:

  • Employ Less than 150 employees
  • Have offices in Ohio
  • Be organized for-profit

* GrowNOW gives approval preference to veterans through the Veterans Preference Program.

To process your GrowNOW interest rate reduction, you must first secure a small business loan at an eligible bank.

Once you secure your loan, apply online at the GrowNOW site for your GrowNOW interest rate reduction.

It will take you about 15 minutes to complete the application, and there will be a portion at the end for your banker to sign off.

Click here for more information: http://www.tos.ohio.gov/grownow

Coshocton Port Authority    106 South Fourth Street, Coshocton,OH 43812                                            Phone: (740)622-7005 

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