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CDBG Revolving Loan Fund
The City of Troy operates a small loan program that can help finance the purchase of fixed assets such as real estate, buildings, or manufacturing equipment. The loan program is designed to work with conventional bank financing. Typical loans can finance up to 50% of a project, subject to availability of funds. Loans are evaluated on the basis of the jobs created in the community.
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Enterprise Zone
The City of Troy Enterprise Zone Program, certified by the Ohio Department of Development, can provide real property tax abatement for investments resulting in renovation of existing buildings or new construction, furniture and fixtures as first used in the business. The Enterprise Zone Program is a contractual relationship between the City and the enterprise within which the City grants development incentives in exchange for investment in real and tangible personal property and creates and preserves employment opportunities.
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Downtown Revitalization Loan Program
The City of Troy also operates a CDBG loan program to assist businesses that repair or remodel buildings in downtown Troy. Loans are evaluated on the basis of the contribution the completed project makes to downtown Troy revitalization efforts.
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Community Reinvestment Area
The downtown Troy Historic District is designated a Community Reinvestment Area (CRA) offering real property tax incentives for residential and non-residential renovation or construction projects.
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County Corp - Gap Financing
In addition to the small revolving loan program offered by the City of Troy, projects can be partially financed by County Corp. CountyCorp Development is a private not-for-profit development corporation, a Certified Development Company through the U.S. Small Business Association. It is Ohio's representative for the Regional 166 Program. CountyCorp Development offers lending programs in Troy and the State of Ohio. www.countycorp.com
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State of Ohio Incentives
The State of Ohio offers various development incentives in the form of low interest rate loans, infra-structure loans and grants, job creation tax credits, machinery and equipment investment tax credits and job training funding programs. The specifics of the programs offered through the State of Ohio can be found on the Internet at http://www.odod.state.oh.us/EDD/Loans_Grants.htm.
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