The City of Toledo Department of Development offers a variety of loans options, incentives, and tax credit programs to help local businesses get the resources they need to their business started. Programs include:
BUSINESS INCENTIVE GRANT (BIG) PROGRAM
The City of Toledo Department of Neighborhood and Business Development (DNBD) will provide grant funding to businesses for strategic, geographically-focused, revitalization of commercial buildings within low to moderate income census tract areas.
COMMUNITY REINVESTMENT AREA (CRA)
The Community Reinvestment Area Program provides real property tax abatement for new construction or for the rehabilitation of residential, commercial or industrial structures within pre-designated areas. The City of Toledo’s CRA program works to promote investment to properties located within neighborhoods that have experienced decline as a result of disinvestment.
ENTERPRISE DEVELOPMENT LOAN PROGRAM
This program is intended to encourage private lenders to provide credit to firms which have difficulty securing reasonable financing that promotes growth, while preserving working capital. In addition, the EDL Program is intended to directly serve the needs of disadvantaged business enterprises that quite often lack the resources to obtain credit through conventional means. The EDL Program’s primary goal is to secure the retention and creation of jobs for low and moderate income residents of the City of Toledo by providing subordinated, long-term financing at attractive rates.
ENTERPRISE ZONE - TAX ABATEMENT PROGRAM
The Enterprise Zone Tax Abatement Program was designed to create jobs and promote economic growth in a specified geographical area of the City of Toledo. Further, it holds the purpose of establishing, expanding, renovating or occupying facilities and hiring new employees and preserving jobs within said zones in exchange for a tax credit.
TOLEDO EXPANSION INCENTIVE (TEI) PROGRAM
The purpose of this program is to provide incentives to attract and grow businesses in key Standard Industrial Classifications (SIC) Codes and site locations within the City of Toledo. This program may be used in conjuction with other financing and incentive programs available through the federal government, State of Ohio, Toledo-Lucas County Port Authority and/or any other City of Toledo Department of Development incentive programs provided for herein.
MUNICIPAL JOBS CREATION TAX CREDIT (MJCTC) PROGRAM
This program was designed to create jobs and increase Toledo’s tax base. It authorizes the City of Toledo, through the Mayor and City Council, to grant credits to businesses, by ordinance, against municipal income taxes (payroll taxes) on businesses net profits based upon new municipal income tax revenues generated from new jobs.