Business  |  Rural Industrial Park Loan Program

Business

For Assistance, Contact

Financial Incentives
Office of Strategic Business Investments
Business Services Division
(614) 387-2117
financialincentives@development.ohio.gov

The Rural Industrial Park Loan Program (“RIPL”) promotes economic development by providing low-interest direct loans to assist eligible applicants in financing the development and improvement of industrial parks and related off-site public infrastructure improvements.

Eligible Applicants & Projects

Eligible applicants include counties, municipalities, townships, non-profit organizations, port authorities, community improvement corporations, and private developers willing to develop and improve industrial parks in rural areas of the state.   Eligible rural areas include distressed, labor surplus and situational distressed counties as defined by the Ohio Revised Code.

Available Funding

A total budget of $25 million is available for state fiscal year 2020. The loan may be used to finance up to 75% of allowable project costs with loan amounts from $500,000 to $2,500,000.  A minimum of 10% equity contribution from the borrower is required.

Partial Loan Forgiveness

At least 50% of the outstanding loan balance may be forgiven upon successful completion of the project as described in the application and loan agreement.

Program Fees

  • Non-refundable $1,500 application fee is due upon submitting a completed application. If the applicant is approved for funding under the program, the application fee will be credited against the commitment fee.
  • Non-refundable commitment fee of at least $12,500 (based on complexity of deal) is due upon receipt of a signed loan approval, confirmation and commitment letter.
  • Annual servicing fee equal to ¼ of 1% (.25%) of the outstanding principal amount of the loan is pro-rated and payable monthly after closing of the loan.

Application Process

Click here to apply
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Beginning December 2019, applications will be received electronically and will be reviewed on a first-come, first-served basis. Applications will only be considered once the required application fee has been received and the Applicant has provided proof that all other sources of funds are available/committed.