Economic Development

Summary

The Economic Development Department has four full-time staff members that work to promote smart growth through development and redevelopment and to ensure economic vitality and security of Lorain County. The Department has a number of programs and incentives that are provided directly to applicable situations through the approval of the Board of County Commissioners and also works as the County's liaison with numerous private, non-profit, and public organizations to support their mission.

Programs and Services

Financial Incentives

Lorain County has available numerous different loans, grants, and tax incentive programs available for qualifying projects throughout the county. If you are planning a new development, redevelopment, or expansion of your current facility, please contact our department via phone or email so that we can best be of assistance to your specific needs.

The following are some of the programs we most frequently work with:

	Revolving Loan Fund	Port Authority Bonds	Enterprise Zone Tax Abatement	Recycling Revolving Loan Fund	Tax Increment Financing
PURPOSE	To provide low interest loans to businesses	Supports economic development & job creation	To provide tax abatement to expand business	To provide loans to businesses who use recyclables	To fund public infrastructure improvements
ELIGIBILITY	Operating for-profit industrial or commercial businesses	Determined by project type and underwriting criteria	For-profit business in a qualified Enterprise Zone	Operating for-profit industrial or commercial businesses	Private Developers
FINANCE STRUCTURE	Up to 50% of project cost; minimum 10% equity required	Combined owner capital and bond fund	Real Property tax abatements typically 75%, up to 100%	Varies from loan to loan	Varies depending on project
BORROWING AMOUNT	Minimum- $2,500 Maximum- $500k and 50% of total project cost $25k / job retained or created	Determined by project type and underwriting criteria	N/A	Maximum-$150,000 The total loan amount cannot exceed 75% of total project cost	N/A
TERMS	5-7 years for machinery and equipment; up to 15 years for acquisition/ construction	Fixed rate, up to 30 years	Typically, 10-year terms, up to 30 years	Term may not exceed 10 years	Varies depending on project
INTEREST RATES	Fixed rate between 50% and 100% of current prime rate	Determined by market conditions and underwriting criteria	N/A	Prime less 3% based on prime at time of closing; no less than 3.25% fixed	N/A

Site Selection Assistance

We attempt to maintain an active list of various sites that are available for potential development or redevelopment throughout Lorain County. Feel free to view our inventory by following this link or contacting our department via phone or email to let us know what your site needs are and how we can be of assistance.

Brownfield Coalition

Brownfield Application (DOCX) to nominate a site for assessment funds. Funds available County-wide.

Small Business Assistance
Customized Solutions
Entrepreneurship
Site Location
Human Capital
Strategic Capital
Financing
Lorain County Brownfield Coalition Quarterly Progress Reports U.S. EPA
Update on Lorain County Brownfield Coalition (PDF) as of October 12, 2016

Lorain County Growth Partnership

The Lorain County Growth Partnership (LCGP), developed by the Lorain County Board of Commissioners, works with Lorain County organizations and businesses to compete more effectively in a regional marketplace. The ED team of Community Development works closely with the LCGP and its member organizations that include:

Affiliated County Government Entities

The Economic Development Department works in close partnership with the following divisions of the Lorain County Government.

County Port Authority

The Lorain County Port Authority promotes economic development by: assisting private industries initiatives, encouraging development and redevelopment, and promoting investment in business, industrial and transportation projects

Stormwater Management District

The Lorain County Stormwater Management District strives to enhance the quality of life in Lorain County by utilizing a watershed approach to meet and maintain the water quality permit requirements of the U.S. Environmental Protection Agency, and responsibly address drainage and floodplain management within available resources.

State and Regionwide Partnerships

The Economic Development Department works in close partnership with the following state and regionwide economic development organizations.

Team NEO/Jobs Ohio

Lorain County is within the Team NEO district, the regional affiliate of JobsOhio, and collaborates with the Economic Development Department of the Lorain County Community Development Department on leveraging additional resources and incentives to development projects within the county.

Ohio Department of Development (ODoD)

The Economic Development Department works in partnership with ODoD as the coordinator and manager of a variety of different grants, loans, and tax incentive districts throughout the county. ODoD also works to promote Minority Owned Businesses, Entrepreneurship, and investment in Third Frontier technology, Export Assistance, Workforce Development, and is Home to the Ohio Film Office.

Northeast Ohio Areawide Coordinating Agency (NOACA)

The Economic Development Department works closely with NOACA on regional planning initiatives, grants, and administrative collaboration regarding transportation and region-wide Comprehensive Economic Development Strategies (CEDS).