BUSINESS PROGRAMS
BUSINESS PROGRAMS
A number of state and local programs are available for both new and existing businesses. For more information on any of these programs, please contact our office. Resources with an Internet presence are highlighted - just click on the program’s name for more information.
OSU Extension - Van Wert County Economic Development Office
Virtually all available materials, including a community profile, loan and incentive information and application materials, are located at the Van Wert Economic Development Office. The Office provides comprehensive help to new and expanding businesses to assist in the creation and retention of jobs. Call the EDO for assistance at 419.238.2999.
Van Wert Innovation Center
The Innovation Center is a small business incubator program that offers professional services to support business development, including tenants in or outside the incubator walls. Support includes:
Business Consultation, Business and Industrial Training, and Customized On-Site Training for Business/Industry.
The Wright State University Business Enterprise Center, Rhodes State College and Vantage Career Center partner to provide educational and training services.
Community Improvement Corporation (CIC)
The local CIC provides financial assistance in the form of grants or low interest loans to assist new manufacturing plants or similar operations with moving expenses, cost of land, equipment or inventory. The CIC has a special Inducement Fund which it can use in attracting business to Van Wert.
Community Reinvestment Area
The City of Van Wert established a Community Reinvestment Area (CRA) to provide property tax incentives for property owners who renovate existing or construct new buildings. The program encourages revitalization of the existing housing and commercial buildings and development of new structures. The local Tax Incentive Review Council negotiates terms on applications for exemption with each building owner.
Enterprise Zone Program
Van Wert County has designated an Enterprise Zone program to provide special tax incentives to businesses who agree to invest in capital improvements and/or employment. A local Tax Incentive Review Council can provide a tax exemption of up to ten years and 100% for personal property including building or equipment. An annual fee of one percent of the dollar value of the project is assessed.
Industrial Development Corporation (IDC)
A private non-profit group that works with local financing institutions to provide attractive terms for targeted projects which benefit the Van Wert community. The IDC can provide lease-to-purchase arrangements for negotiated terms.
Land Value Jobs Credit
The City of Van Wert can provide a $250 credit per job created over a five year period for projects which create a significant number of jobs. The credit is applied towards the value of city-owned industrial land with the cost of the land reduced by the net number of jobs created from the date of occupancy. The credit is applied at the end of five years, with no cost up front on the land.
This office can provide low interest funds for façade improvements to downtown buildings. They are also assisting existing businesses and recruiting new business to fill space in the downtown area.
Ohio Department of Development
The State of Ohio’s Department of Development provides significant financial resources for business development and expansion in Ohio. These resources are described in detail at their website.
OSU Extension - Community Development
OSU Community Development Division has extensive resources and research including publications and other materials related to community economic development. Their site includes extensive links to relevant community economic development web sites.
OSU Extension Office - Van Wert County
The Extension Office provides a broad array of resources and assistance related to agri-industry, youth development and family and consumer sciences. Publications and other types of assistance are available here.
Revolving Loan Fund
The Van Wert City Revolving Loan Fund is a flexible loan program aimed at the small to mid-size development project located within the City of Van Wert. Funds can be used for machinery and/or equipment, building acquisition, new construction, remodeling, inventory and working capital.
This program allows qualified applicants to borrow up to $25,000 for each new job created. The Loan requires financial participation by at least one private lender, adequate new or existing collateral as loan security, and the capability to implement project while repaying loan.
Revolving Loan Fund - Microenterprise
A grant approved by the State Office of Housing and Urban Partnerships allows new micro-loans to be made available for small business in Van Wert County. Loans are available to assist microenterprises to grow and prosper, primarily in the villages and outlying areas of the county. Special attention will be given to encourage the startup of a new business that fills service, retail or construction gaps within the village economies.
Van Wert Area Chamber of Commerce
The Chamber has extensive information on the local business community and community resources for business development. Their site includes a membership list and pertinent information on the Van Wert Community.