The Fostoria Economic Development Corporation 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:
Fostoria Revolving Loan Fund(s)
A local source of fixed asset financing, available to small and medium size businesses. The objective is to provide reduced interest, fixed rate loans to qualified companies to create additional employment opportunities and to encourage new capital investment. It was designed to help growing companies expand or locate within the City of Fostoria. This financing program is typically used for two reasons: 1) to make a project financially feasible through lower total loan payments; or 2) to fill a ‘gap’ in total funding after equity and bank financing are exhausted.
Fostoria Municipal Jobs Tax Credit (MJCTC)
The goal of the MJTCT is to create jobs and increase the tax base. The MJCTC authorizes the City of Fostoria, through the Mayor and City Council, to grant credits to businesses, by ordinance, against municipal income taxes (payroll taxes) or business net profits based upon new municipal income tax revenues generated from new jobs.
Community Reinvestment Area (CRA)
CRA’s provides local real property tax incentives for businesses that invest in designated areas in Ohio. The program provides up to a 100% exemption of the improved real property tax valuation for up to 15 years, depending on the project. Rates and terms are established by local legislative authorities and in some cases local school board approval is required. Incentives are available for residential, commercial, and industrial projects that involve renovation or new construction.
Ohio Enterprise Zone
The Enterprise Zone provides real property tax incentives for businesses that expand or relocate in Ohio. To secure benefits, businesses must apply to the local community.
There are more than 200 public sector and nonprofit programs to help businesses. If your company is looking at any type of local project, please call the office and let us know. We will assist in any way that we can.