Quick Reference  |  Summary

Rural Industrial Park Loan Program

Purpose

The Rural Industrial Park Loan (RIPL) Program promotes economic development in eligible rural areas. 

Program

The Rural Industrial Loan Program provides low-interest loans to assist eligible applicants with financing the development and improvement of industrial parks and related off-site public infrastructure improvements.

At least 50 percent of the outstanding loan balance will be forgiven upon successful completion of the project.  If the RIPL funds represent less than 50 percent of the total project costs, the percentage of loan forgiveness will be increased to an amount equal to 100 percent less the percentage of the project being funded by RIPL.

For Whom

Eligible applicants include counties, municipalities, townships, non-profit organizations, port authorities, community improvement corporations, private developers, and other eligible applicants willing to develop eligible rural industrial park projects to improve the economic welfare of the people in the State of Ohio.

Eligible projects include the development and improvement of industrial parks in rural areas designed to attract and retain businesses related to manufacturing, distribution and warehousing, research and development, high technology, industry and commerce.

For this program, “industrial park” is defined as a site of 25 acres or more, zoned for or containing commercial or industrial users that is or will be adequately served by utilities and infrastructure.

Ohio companies may not relocate existing Ohio business operations to the industrial park without prior approval of the Development Director.

Program Contact

Businesses interested in learning more about the program or to discuss the eligibility of a potential project should contact the Office of Strategic Business Investments at (614) 387-2117 or financialincentives@development.ohio.gov.

How Much

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

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