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Business Incentive Programs

Community Investment Areas (CRA's) -- Local real property tax incentive for businesses that expand or locate to Euclid. Up to 100% exemption of the value of real property improvement for up to 15 years. Property owner must undertake new real property investment. Application for the real property local tax exemption is made directly to the City of Euclid.

Enterprise Zone Program -- Local and state tax incentives for businesses that expand or locate to Euclid. Up to 50% exemption of the value of real property improvements and/or new tangible personal property for up to 10 years. Business must agree to retain or create employment and establish, expand, renovate or occupy a facility in our Enterprise Zone. An agreement must be in place prior to the start of a project. Application prior to project initiation must be made to the City of Euclid.

Ohio Job Creation Tax Credit -- State tax incentives for businesses that expand or locate in Euclid. State guidelines regulate the type of business and project eligible for this incentive. A business can receive a refundable tax credit against its corporate franchise tax based on the state income tax withheld on new full-time employees. The account of tax credit can be up to 75% for up to 10 years. Businesses must agree to create at least 25 new full-time jobs within 3 years of operation.

166 Loan Program -- Loans for on-going manufacturing concern (must be owner occupied). Eligible for land and building acquisition, new construction, renovation of existing building, acquire new and/or used machinery equipment. Loan amounts from $350,000 to $1,000,000, 30% of eligible costs for up to 15 years for real estate and 10 years for machinery and equipment. Private lender required, 10% owner cash equity mandatory. One job must be created or retained for every $15,000, jobs must be created within 3 years after project completion. Prevailing wage applies to all new construction, renovation and installation of machinery and equipment.

Small Business Administration (SBA) 504 Loan Program -- Loan program for a small business for industrial, commercial and retail use. Eligible for acquisition of land and building, new construction, renovation of existing building, acquisition of machinery and equipment. Loan amounts from $50,000 to $750,000, 40% of eligible costs for up to 10 years for machinery and equipment and 20 years for real estate, 10% owner equity mandatory, 50% private financing. One job must be created for every $35,000, jobs must be created within 2 years after funding. Loan program for a small business for industrial, commercial and retail use. Eligible for acquisition of land and building, new construction, renovation of existing building, acquisition of machinery and equipment. Loan amounts from $50,000 to $750,000, 40% of eligible costs for up to 10 years for machinery and equipment and 20 years for real estate, 10% owner equity mandatory, 50% private financing. One job must be created for every $35,000, jobs must be created within 2 years after funding.