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Incentives
Wapakoneta has the advantage of Ohio's numerous incentives for you to establish and grow your business here.
While some U.S. states only broker a landlord-tenant relationship, Ohio and its local communities act in full partnership with our corporate citizens to better help our companies succeed. These state and local tax incentives, grants, and low-interest financing offer businesses the opportunity to reduce risk while encouraging investment in communities like Wapakoneta.
The Ohio Department of Development's Office of Tax Incentives (OTI) manages the state's many business development tax incentive programs.
Learn more about the Ohio Office of Tax Incentives
Ohio Job Creation Tax Credit
A refundable tax credit taken against a company's Commercial Activities Tax (CAT). The credit is awarded in a rate and a term based on the income tax withholdings of new employees. Rates typically range between 35-45% with terms ranging from 5-7 years. Should the amount of the credit be greater than the company's Commercial Activities Tax in any given year, the amount of the difference will be refunded
Research and Development Investment Loan
A loan administered by the Ohio Department of Development's Office of Financial Incentives for up to 50% of a project's associated R&D costs. Eligible projects must include job creation, and funds can be used for costs such as acquisition of machinery and equipment, leasehold improvements, and building construction. The interest is not to exceed ½ of the prime rate, and the term of the loan is up to 10 years for machinery and equipment and 15 years for real estate. The Research and Development Loan also includes an annual non-refundable tax credit to be taken against a company's Commercial Activities Tax liability equal to the amount of the principle and interest paid on the loan in that year. The amount of tax credit cannot exceed $150,000 per year.
Innovation Ohio Loan Fund Program (IOF)
The IOF program can finance up to 75% of a project's qualifying costs through loans in the range of $500,000 to $3 million. The program provides financial resources for product commercialization for leading technology companies. While loan terms will be individually negotiated, interest rates will be prime plus 2% and the loan will be in the range of 4-7 years. Allowable costs include the acquisition, construction, renovation, or improvement of facilities, and the acquisition and installation of equipment for innovative projects that create new products and services.
166 Direct Loan
A loan administered by the Office of Financial Incentives for up to 30% of a project's costs or $1 million (the lesser thereof). The remainder of the financing must be through a combination of private financing and at least 10% owner equity. Allowable costs include the acquisition of machinery and equipment, building or land acquisition, and building construction. The interest rate is not to exceed 2/3 of the prime rate and terms range from 7-10 years for the acquisition of machinery and equipment and 10-15 years for real estate.
Ohio Enterprise Bond Fund
Through this bond fund, which is rated AA- by Standard and Poors, the Ohio Department of Development issues bonds, the proceeds of which are loaned to businesses for eligible projects. Allowable costs include acquisition of machinery and equipment, building or land acquisition, and building construction. The Ohio Enterprise Bond Fund can finance up to 90% of eligible project costs or $10 million (the lesser thereof), with terms ranging up to 20 years.
Ohio Investment in Training Program (OITP)
This program provides financial assistance and technical resources for customized training involving employees of new and expanding Ohio businesses. OITP provides up to 50% reimbursement to fund instructional costs, materials, and training-related activities. There is an emphasis on selected employment sectors that have significant training and capital investment related to creating and retaining jobs. OITP also support community economic development efforts through job creation and retention. The result is increased employee productivity, improved labor/management relations, and a highly skilled labor pool.
Ohio Research Commercialization Grant Program
The Ohio Research Commercialization Grant Program strives to improve the ability of small technology companies to assess and realize the commercial potential of research projects, and to promote the competitiveness of these companies through the augmentation of federal research and development funding. The Ohio Research Commercialization Grant Program is a primary component of Ohio technology company assistance.
Targeted Industries Attraction Grant
Grant funds available for project costs incurred by bioscience companies committed to hiring high-tech positions. Awarded funding can be used toward acquisition of machinery and equipment, land or building acquisition, or building construction.
Rapid Outreach Grant
Grant funds for project costs including the acquisition of machinery and equipment, land or building acquisition, leasehold improvements, or building construction.
Roadwork Development Grant
Grant funds available for up to 50% of project costs associated with public roadway improvements.
Regional 166 Direct Loan
The Regional 166 loan programs provides loans for land and building acquisition, construction, expansion or renovation and equipment purchases for eligible businesses. Twelve local economic development agencies administer this program. Our local agency is West Central Development Corporation.
Learn more about West Central Development Corporation
Community Reinvestment Area Program (CRA)
A CRA is an area of land in which property owners can receive tax incentives for investing in real property improvements. The CRA Program is a direct incentive tax exemption program benefiting property owners who renovate existing or construct new buildings. The program permits Wapakoneta to designate areas where investment has been discouraged as a CRA to encourage revitalization of the existing housing stock and the development of new structures.
Enterprise Zone Tax Abatement Program
This program provides an opportunity for variable tax abatements on local real and personal property taxes. Abatements are negotiated in local communities.
Revolving Loan Fund Program
Low interest loan programs are administered by local municipal and county agencies to be used in conjunction with private lenders for either new of expanding business projects. Loans can finance up to 50% of total project costs with a maximum of $25,000 per job created. Interest rates are determined on a project-by-project basis and are typically fixed below current market rate. Terms are 5-7 years for purchase of machinery and equipment and 10-15 years for real estate acquisition.
Port Authority Information
Wapakoneta is a participating community in the Toledo-Lucas County Port Authority. The Port Authority has developed a national reputation for innovative business financing including fixed interest rate revenue bonds, off-balance sheet transactions, infrastructure financing, and conduit revenue bonds. The Port Authority has been involved in 225 economic development projects representing an investment of $1.3 Billion and the creation and retention of more than 13,000 jobs.