Businesses located in specified areas within the City of Youngstown qualify to participate in the HUBZone Empowerment Contracting Program and benefit from enhanced opportunities to contract with the federal government and provide goods or services.
HUBZone Homepage, HUBZone Map PageThe Ohio Enterprise Zone Program permits local municipalities, townships and / or counties to encourage new business investment projects by providing direct tax incentives. The incentives generally take the form of real and / or personal property tax exemptions or a specific term on eligible project assets.
Download/Print the Application (pdf format)One of our most lucrative tools, the Float Loan Program, provides project financing to companies at 1/4% for up to 18 months based on provisions of an Irrevocable Letter of Credit from an acceptable financial institution. Loans are subject to be called at any point during the term of the loan. Consideration for this program requires submission of a written proposal and is granted competitively among pending projects.
Upon being called or term expiration, the City will call in the letter of credit for full repayment of funds disbursed and takeout financing commences between the borrower and financial institution.
There is no application for the Float Loan Program. To be formally considered for any funding, a written proposal which addresses the following (see below) should be provided, as well as a Project Summary Sheet.
Float Loans are provided based on formal approval of project that includes: 1)Review and determination by the Economic Development Office; 2) Approval from City Council; 3) Final approval / execution from the Board of Control.
Consideration by the Board of Control and execution of documents will not occur until the Irrevocable Letter of Credit has been provided.
The City of Youngstown and the Office of Economic Development are actively developing Business / Industrial Parks in our region with extremely competitive incentives that include the following:
A Community Reinvestment Area (CRA) is a targeted area of land designated by the City of Youngstown on which property owners can receive tax incentives for constructing new or renovating existing buildings. The CRA Program permits municipalities, townships, or counties to designate areas where investment has been lagging to encourage revitalization of the existing housing stock and the development of new structures. Residential, commercial, and industrial projects are all eligible.
Ohio's Community Reinvestment Area Program was created in 1977 and revised in 1994 in sections 3735.65-70 of the Ohio Revised Code.
Youngstown City Council passed Ordinance 11-137 creating Community Reinvestment Area One on May 18, 2011 and was amended on July 20, 2011 by Ordinance 11-246.