The Youngstown/SBA Initiative
The Youngstown/SBA Initiative is a joint partnership between local banks, the United States Small Business Administration (SBA) and the City of Youngstown. It was designed to provide greater access to capital for entrepreneurs who want to start, grow, or relocate a business in Youngstown. The program combines SBA loan guarantees and the SBA Hubzone Program with additional resources such as grants and tax abatements by the City of Youngstown, creating unique growth opportunities for businesses.
The Youngstown Initiative - Brochure
The Youngstown Initiative - Application
Citywide Facade Renovation Program
Program is applicable toward all exterior renovations (signage, landscaping, refacing, fencing, lighting, etc.). Applicant is responsible for obtaining the funding for total project (source of these funds may vary, e.g. public/private funds, personal investment, etc.).
Up to 40% of total renovation costs will be reimbursed by the City upon completion (up to $20,000). The 40% reimbursed by the City will initially be considered a loan and then phased out over a five-year period whereby 20% of this loan amount will be forgiven for every year the business remains open.
Citywide Facade Renovation Program - Application
HUBZone Empowerment Contracting Program
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 Map Page
Ohio Enterprise Zone Program
The 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)
Interim Float Loans
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.
- Project Overview
- Related job creation and relevant wage data
- Documented cost estimates of proposed expenditures
- Business plan and financials
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.
Business Park Incentives
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:
- Fully improved property for $10 that can be used as equity in your project.
- Future expansion space available.
- 10-year, 75% real and personal property tax abatement.
- All utilities available at site.
- Site development grants up to $2.00 / sq. ft. for new construction.
- Excellent freeway / interstate access.
- Environmental warranties, if needed.
- Float Loans available for up to $2million at 1/4% for 18 months.
Download/Print The Industrial Park Maps (pdf format)
Community Reinvestment Area Tax Abatement (CRA)
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.
Incentive Structure is as Follows:
- Remodeling (2 units or less; minimum $2,500): 10 YR Exemption – 100% improved value only
- Remodeling (more than 2 units; minimum $5,000): 12 YR Exemption – 100% improved value only
- New Construction: 15 YR Exemption – 100% (improvements only, land value not exempted)
- COMMERCIAL/INDUSTRIAL (Application fee of $750 payable to Ohio Department of Development applies. Local monitoring fee equal to 1% of amount of taxes exempted also applies. Minimum fee $500/ Maximum fee $2,500.)
- Remodeling (minimum $5,000): Up to 12 YRS as negotiated and approved in a CRA Agreement
- New Construction: Up to 15 yrs as negotiated and approved in a CRA Agreement
How to Apply:
- RESIDENTIAL PROJECTS: Applications are to be submitted post-construction and can be obtained here or from the Office of Economic Development. Click here to view the current CRA map of designated areas.
- COMMERCIAL/INDUSTRIAL PROJECTS: Application for Commercial/Industrial Projects must be approved prior to construction and can be obtained at the Office of Economic Development. All applications must include the following documents:
- Two completed and signed applications, top portion only
- Application and Certification of Payment (AIA)
- Legal description of property
- Copy of building permit from City of Youngstown