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Incentive Options
The State of Ohio, City of Coshocton, and Coshocton County have economic development incentive programs to help you grow! Most of these programs may be blended depending on the needs of the company, the scope or size of the project, and the competition from other communities or states. In all cases, incentives must be negotiated, secured and approved before a decision is made to invest in Coshocton County. For more information about each program, click on the link at the end of each description or call the Coshocton Port Authority at (740)-622-7005 or write us at tjjustice@coshoctoncounty.net.
Below is a summary of some of the economic development programs which may be made available to existing and new employers in Coshocton County.
COSHOCTON JOB CREATION TAX CREDIT PROGRAM
Enabled by Coshocton city council in July, 2007, this allows eligible companies to claim a credit against its city business or personal income tax for up to 15 years if it is creating at least 25 new, full-time jobs paying 150% of the federal minimum wage. The city may provide this credit in situations where companies are also receiving an Ohio Job Creation Tax Credit.
A formula is used by entering into an agreement that allows a percentage of the city income tax withholdings on the new employees to determine the value of the credit.
For administrative guidelines click here.
For application click here.
COSHOCTON COUNTY ENTERPRISE ZONE PROGRAM
All townships, villages, and the city of Coshocton are located within the boundaries of the Coshocton County enterprise zone which enables eligible private enterprise to receive partial real estate property tax exemptions when at least two (2) new, full-time jobs are being created. The rate and term of the exemption is negotiated by the Coshocton Port Authority with the impacted local governmental jurisdiction which would include either the township and village or city and Coshocton County as well as the public school district(s). For more information, click here.
For application
Click Here
COSHOCTON COMMUNITY REINVESTMENT AREA
A limited area within downtown Coshocton defines the city's Community Reinvestment Area (CRA). The primary intent of the CRA is to improve the quality of housing within its boundaries; however, private business is also eligible to receive this benefit. Residential property improvement investors are entitled to receive this benefit without prior approval but may not claim the credit until after approval by Coshocton City Council. Non-residential property improvements (i.e. private enterprise) are entitled to receive this benefit so long as prior approval is obtained from local government which may include the public school district(s). For more information, click here.
A partial exemption may be provided on the increased value of real property taxes assessed against the property for up to fifteen (15) years.
COSHOCTON PORT AUTHORITY REVOLVING LOAN FUND
Financing may be provided, not exceeding $50,000, for entrepreneurs and small businesses which are making new investments and creating new jobs in Coshocton County. An interest rate generally not more than 2/3 of prime is provided. The program is used for gap financing in the interest of closing financial gaps that may not be able to be obtained from private financial providers.
For administrative guidelines click here.
For an application click here.
COME HOME HIGH SCHOOL GRADUATE INITIATIVE
Thanks to the Schooler Family Foundation, the Coshocton Port Authority may be able to provide a grant of up to $2500 to assist with the startup or acquisition of a business for individuals who have graduated from any Coshocton County high school and have moved out of the county but want to return home and start a business. This is a creative incentive intended to encourage Coshocton Countians to consider moving back to the area and creating economic development opportunites. For more information, contact the port authority. There are some restrictions and grant approval must be obtained
before the individual purchases real estate or acquire/starts up a business.
COSHOCTON COUNTY WAGE SUBSIDIES
The Coshocton County Department of Job and Family Services, at various times throughout the year provides wage subsidies for public and private employers. The subsidies are provided for up to twelve (12) months with a bonus paid to the employee if he/she remains gainfully employed at the end of the term. Employees hired under this program must be unemployed or meet other poverty related criteria. There is no limit to the number of prospective subsidies. Although it is limited to available funds. The Coshocton County Department of Job and Family Services is currently awaiting work on the next round as the funds that were earmarked for the first half of 2007 have been exhausted. This program is only available when there are available funds. For more information about this program, contact Lynn R. Jacob, Workforce Administrator for Job & Family Services at 740-295-7516 or JACOBL01@odjfs.state.oh.us
grow NOW - Growing Ohio Small Business NOW
The Ohio Treasurer of State, Richard Cordray's office is offering a new program named grow NOW - Growing Small Business Now. This program offers small business owners a three percent reduction on bank loan rates. For more information click here.
Ohio Job Creation Tax Credit Program
The State of Ohio may provide a Job Creation Tax Credit (JCTC) in scenarios where other states are in competition for private enterprise investment and new job creation. The rate and term of the credit is determined by the level of investment, number of new jobs being created, and the average wage of the new jobs which are to be created over a three (3) year period. A portion of the new employee's state income tax withholdings may be returned to the company in the form of a credit against its state corporate franchise tax. The credit is refundable if its value exceeds the company's overall tax liability in any given year. For more information about this and other state incentive programs, visit www.state.odod.oh.us
Ohio Air Quality Development Authority
The State of Ohio may approve the public release of tax exempt and taxable bonds to help finance a private enterprise project which reduces air emissions or improves the quality of the air for business, industry and research. The portion of any project financed by the Ohio Air Quality Development Authority is exempt from real property tax, the state's tangible personal property tax (which is being phased out), sales and use tax for the financed and qualified equipment, and franchise tax calculation. The State of Ohio is subject to a volume cap and may use different processes throughout the year to determine which applicants are approved. For more information about this incentive, visit www.ohioairquality.org
Ohio Investment in Training Program
The Ohio Department of Development may provide a grant to private enterprise employers and public training institutions to offset the cost of training new employees hired into new, full-time positions. The grant is provided on a reimbursement basis and may cover all costs associated with training except for the wage of the employees being trained. For more information about this and other state incentive programs, visit www.odod.state.oh.us.
Ohio 166 Direct Loan Program
The Ohio Department of Development may provide up to $1 million in financing for fixed assets to assist with private enterprise expansion or location in Ohio. Financing is generally provided at two-thirds the rate of prime for seven (7) - ten (10) years. If financing is provided for construction related projects, state prevailing wage rates apply. State financing is generally provided to fill gaps in an overall financial structure of a private economic development project and the amount of the loan is determined by the level of investment, number of new jobs being created, average wage of the new jobs being created, and eligible costs of the project. For more information about this and other state incentive programs, visit www.odod.state.oh.us
Third Frontier Internship Program
The Ohio Department of Development provides funds, provided for in competitive rounds of funding, to subsidize the cost of hiring enrolled college students. Funds are generally provided to organizations which can arrange for a pool of employers who will hire college interns with intent of hiring the intern full-time upon graduation and within a skill set consistent with his/her academic course of studies. Interested employers should notify local, public training providers or other public entities to prepare a request for funding. For more information about this and other state incentive programs, visit www.odod.state.oh.us.
Public Infrastructure Grants
Several state and federal grant programs exist to assist local government with the costs to extend or create public infrastructure to support an expanding local or new business. Grant funds may be able to be obtained from the Ohio Department of Development, Governor's Office of Appalachia, and/or the Appalachian Regional Commission to offset local government costs to extend or build water, sewer, and transportation technology infrastructure so long as each is deemed for a public purpose. Such costs require local government or private enterprise financial participation and may not be extended to dedicated or private infrastructure. For more information, contact the Coshocton Port Authority at (740)-622-7005 or tjjustice@coshoctoncounty.net.
Small Business Technical Assistance
Ohio maintains a strong network of Small Business Development Centers (SBDC) around the state. Coshocton County is serviced by the SBDC located at the Kent State - Tuscarawas branch of Kent State University in New Philadelphia. Free consultation is provided to assist with writing a business plan for new or existing small businesses wanting to start up or expand. The SBDC director in this area of Ohio holds office hours every other Wednesday at the Coshocton Progress Center located at the corner of Main and Fourth Streets in downtown Coshocton. To make an appointment or for more information, email or call Steve Schillig at 330-308-7479 or email at sschil10@kent.edu.
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