Business Assistance Programs
Community Reinvestment Area - Real Estate Tax Incentive
The City of Brooklyn has established a city-wide Community Reinvestment Area that allows commercial, industrial and general businesses to invest in value added real estate projects and receive a tax incentive for the investment.
These agreements are negotiated on a case-by-case basis with the Economic Development Department prior to a project commencing.
Brooklyn Job Creation Retention Grant Program
The Job Creation Retention Grant program supports companies that create jobs resulting in the expansion of the city's economic base. This program provides a grant to businesses occupying, or looking to occupy, commercial property in the city. The grant provides annual payments, which are equal to a percentage of. a company's yearly payroll in Brooklyn.
The grants are negotiated on a case-by-case basis with the Economic Development Department prior to a project commencing.
Brooklyn Community Improvement Corporation
Formed in 2008, the Brooklyn Community Improvement Corporation (CIC) is designed to advance, encourage and promote the industrial, economic, commercial, and civic development of the City of Brooklyn. The CIC is an agent of the city; while the city serves as the fiduciary agent for the CIC. The board is comprised of city officials and citizen members. The CIC holds its annual meeting in February and meets on an as-needed basis throughout the year.
Partnership Business Assistance Programs
State of Ohio Department of Development
166 Direct Loan
Provides loans for land and building acquisition, expansion or renovation, and equipment purchases.
Innovation Ohio Loan Fund Program
Provides loans for acquisition, construction, and related costs of new technology, facilities, and equipment purchases.
Ohio Capital Access Program
Encourages state chartered financial institutions to make loans to for-profit or nonprofit small businesses that are creating or retaining jobs by establishing a unique reserve account at lending institutions.
Ohio Enterprise Bond Fund
Provides loans for land and building acquisition, construction, expansion or renovation, and equipment purchases for eligible businesses.
Regional 166 Direct Loan
Provides loans for land and building acquisition, construction, expansion or renovation, and equipment purchases for eligible businesses. The Growth Capital Corporation in Cleveland administers the program locally.
Research & Development Investment Loan Fund Program
Provides loan commitments for commercial research and development activities.
Review other state loan and tax incentive programs available on the Ohio Development Services Agency website.
Cuyahoga County Economic Development Department
Economic Development Fund
Provides businesses financial assistance to retain and create jobs for County residents. The fund provides long term, fixed-rate financing at interest rates lower than conventional financing.
Grow Cuyahoga County Fund
The Fund is designed to assist eligible small business owners in obtaining loans to grow their businesses and create jobs. Low interest loans of between $100,000 and $1 million are available and may also be used for retail and restaurant development projects.
Storefront Renovation Program
The City, in tandem with Cuyahoga County, provides a Storefront Renovation Program that provides grants of 30% of eligible project costs.
Review other Cuyahoga County loan programs that are available on the Cuyahoga County Department of Development website.