Quick Reference  |  Summary

166 Direct Loan Program Servicing

Purpose

The 166 Direct Loan Program promotes economic development, business expansion, job creation and/or job retention by providing assistance for allowable costs of eligible projects in the State of Ohio.

Program

The 166 Direct Loan Program provides capital for expansion projects to companies that have limited access to capital and funding from conventional, private sources of financing.

The program also provides financing for eligible projects that improve the efficiency of companies’ operations and that enhance their effectiveness in the marketplace (retention of jobs will be considered).

Priority may be given to eligible projects based on job creation and payroll commitments, fixed-asset investment commitment, project return on investment, project location and other project factors.

For Whom

Eligible borrowers include corporations, partnerships, sole proprietorships, limited liability companies or limited liability partnerships engaged in the creation or retention of jobs in projects related to industrial, commerce, manufacturing, distribution or research and development activities in targeted industries.

Retail projects and refinancing are ineligible for the program.

Program Contact

JobsOhio and the JobsOhio Network, the state's economic development organization, are responsible for the marketing, initial company contact, and company application process through loan approval. Companies interested in finding out more about the program or discussing a potential project that may qualify for the 166 Direct Loan Program should click here to be directed to JobsOhio’s webpage.

The approved loans are managed by the Ohio Development Services Agency. Its responsibilities include involvement in the loan closing process, disbursement of funds, collection of repayments, upholding the terms and conditions of the loan agreement, reviewing annual job reports, drafting loan agreement amendments, and providing technical support to existing borrowers.

Existing 166 Direct Loan Inquiries:¬† Financial Incentives, (614) 387-2117 or financialincentives@development.ohio.gov

How Much

The 166 Direct Loan program may finance a minimum of $500,000 up to 75 percent of total allowable project costs.