New Machinery Equipment Financing

The LCIC understands the importance of creating and retaining good, high-paying jobs in Lucas County and has worked with local partners to develop public finance solutions to further this goal. Through the programs listed below, we aim to attract private investment and generate new wealth throughout the County.

This comprehensive overview of programs at the local, state, and federal levels. The Economic Development Assistance Handbook should be a useful resource for individuals, small business owners, large firms, and project developers in their efforts to expand or relocate their operations in Lucas County.

The dedicated and experienced staff at the LCIC is ready to assist your business in meeting its public finance needs.

Local Programs - Toledo Lucas County Port Authority

The Toledo Lucas County Port Authority administers the following loan programs geared towards businesses located in northwest Ohio. To apply for financial assistance through these programs you should visit TLCPA Financing Services webpage for additional details regarding the process.

The Regional 166 Direct Loan provides loans for land and building acquisition, construction, expansion, or renovation, and equipment purchases for eligible businesses. Twelve local economic development agencies administer the program. It provides low-interest loans up to $350,000.

Small Business Administration 504 Loan Program provides fixed asset funding to for-profit businesses with a net worth not exceeding $8 million and net after-tax profit of not more than $3 million. A typical transaction consists of 50% bank financing; 40% SBA; and 10% equity. The SBA takes a second collateral position.

Local Programs - Lucas County Treasurer

The Lucas County Link Deposit Program is available to local businesses with a pre-approved commercial bank loan. Businesses can receive reduction in the rate of interest on their commercial bank loan for up to a maximum of 4 years. Pending the approval of the County Treasurer and a review committee, a bank certificate of deposit is purchased in the loan amount from the lending institution and the borrower's loan interest rate is then reduced based upon interest rate of the certificate of deposit. The financial institution in return is required, by law, to reduce the interest rate by three up to (3%) percent depending on current market conditions and pricing.

State Programs - Ohio Department of Development

The Research and Development Investment Loan Fund provides loan financing of between $1 million and $5 million for projects primarily engaging in research and development activity. Rates are fixed (at or below market rates) with terms similar to those of commercial bank financing. Companies receive a dollar-for-dollar, non-refundable Ohio commercial activity tax credit for all principal and interest payments during the year.

The Ohio Enterprise Bond Fund provides revenue bond financing through an S&P rated fund (currently AA-, “double A-minus”), whereby proceeds from the sale of bonds is loaned to companies for fixed-rate, long-term capital asset financing. Rates are fixed prior to funding, depending on the type of bond issued, with terms between seven to 10 years for equipment and 15 to 20 years for real estate. Up to $10 million in financing is available through the Program.

The 166 Direct Loan provides loans for land and building acquisition, construction, expansion, or renovation, and equipment purchases for eligible businesses. The Program provides low-interest loans up to $1 million.