Programs and Services

Financial Incentives

Lorain County has available numerous different loans, grants, and tax incentive programs available for qualifying projects throughout the county. If you are planning a new development, redevelopment, or expansion of your current facility, please contact our department via phone or email so that we can best be of assistance to your specific needs.

The following are some of the programs we most frequently work with: 

Revolving Loan FundPort Authority BondsEnterprise Zone Tax AbatementRecycling Revolving Loan FundTax Increment Financing
PURPOSETo provide low interest loans to businessesSupport economic development & job creationTo provide tax abatement to expand businessTo provide loans to businesses who use recyclablesTo fund public infrastructure improvements
ELIGIBILITYOperating for-profit industrial or commercial businessesDetermined by project type and underwriting criteriaFor-profit business in a qualified Enterprise ZoneOperating for -profit industrial or commercial businessPrivate developers
FINANCE STRUCTUREUp to 50% of project cost; minimum 10% equity requiredCombined owner capital and bond fundReal property tax abatements typically 75%, up to 100%Varies from loan to loanVaries depending on project
BORROWING AMOUNTMinimum - $2,500
Maximum - $550k and 50% of total project cost
Determined by project type and underwriting criteriaN/AMaximum -$150,000
The total loan amount cannot exceed 75% of total project cost
TERMS5-7 years for machinery and equipment; up to 15 years for acquisition/constructionFixed rate, up to 30 yearsTypically, 10 year terms, up to 30 yearsTerm may not exceed 10 yearsVaries depending on project
INTEREST RATESFixed rate between 50% and 100% of current prime rateDetermined by market conditions and underwriting criteriaN/A Prime less 3% based on prime at time of closing; no less than 3.25% fixedN/A

Site Selection Assistance

We attempt to maintain an active list of various sites that are available for potential development or redevelopment throughout Lorain County. Feel free to view our inventory by following this link or contacting our department via phone or email to let us know what your site needs are and how we can be of assistance.

Brownfield Coalition

Brownfield Application (DOCX) to nominate a site for assessment funds. Funds available County-wide.