Jackson County – Loan Programs

Community Development Block Grant-Revolving Loan Fund (CDBG-RLF): Low-interest loans available for projects that create/retain at least five jobs (projects that create/retain fewer than five jobs may also be considered). Eligible activities include fixed assets, including land, building, machinery and equipment, as well as the infrastructure investment directly related to business or industrial development. Companies must commit to hiring at least 51 percent of employees from low-to-moderate-income households. The cost per job must not exceed $25,000 for loans and $10,000 for infrastructure projects-not to exceed $500,000. Grant sans loans cannot be more than 50 percent of the project. All applications are submitted to the Jackson County Economic Development Board office and reviewed by the County Commission appointed Revolving Loan Fund committee.

Community Development Block Grant-Economic Development Program (CDBG-ED): Provides funding for the development of local communities for fixed assets related to commercial, industrial and infrastructure. Low –interest loans are available to businesses for fixed asset financing to expand economic development activity. Grants are available to communities for publicly owned infrastructure improvements, such as, roads, water and sanitary sewer that are directly related to the economic development projects. Job creation must be involved (must be five or more), and companies must commit to hiring at least 51 percent of employees from low-to moderate-income households. The cost per job must not exceed $25,000 for loans and $10,000 for infrastructure projects-not to exceed $500,000. Grants and loans cannot be more than 50 percent of the project.

Rural Enterprise Loan Program: The Rural Enterprise Loan Program is a small business loan program funded through a grant from the United States Department of Agriculture Rural Development. All loan dollars are based on job creation or retention and are locked in at a five percent fixed interest rate. Businesses that meet the USDA’s definition of a small business are eligible to apply. The Rural Enterprise Loan Program can be used to fund up to 85 percent of a project and can be used for fixed assets (land and buildings), working capital, machinery and equipment, inventory, vehicles, or construction/renovation (discouraged).

Microenterprise Business Development Program: The Microenterprise Business Development Program is a small business loan program designed to serve the needs of low to moderate income entrepreneurs that cannot access traditional commercial lending. Loans range from $500 to $25,000 and applicants must be able to document that they reside in a household with a total household income that is at or below 80% of the Jackson County median income, adjusted for household size based on the current Section 8 guidelines established by the Department of Housing and Urban Development.

Jackson County – Grants

Southern Ohio Agricultural and Community Development Foundation (SOACDF): The Foundation has grant funds available to sponsor strategic investments in communities that have been adversely affected by the reduction in the demand for tobacco. $20,000 in grant funds is available for Jackson County. Private sector business and industry are eligible to apply. Funds may be used for capital improvements, fixed assets or land acquisition. There must be a job retention or creation component. Job creation is defined as a year round full time job and a minimum of 32 hours per week. An applicant can request up to $10,000 per each full-time job created, with $20,000 being the maximum allocation. SOACDF will fund a maximum of 35% of the total project. Priority will be given to agribusiness/agri-industry-related projects. Permanent improvements can only be made on or to property owned by the applicant. Several project types are ineligible including retail use point of sale (except for agribusiness), lodging and restaurants, vehicles that require a license, personal care businesses, and computer/internet services. SOACDF funds may not be used for operating expenses, working capital or debt reduction. Funds may not be used to reimburse for costs incurred in projects prior to grant approval and execution. Additional criteria apply. The Jackson County Economic Development Board Office serves as a liaison to the foundation in assisting new and existing businesses with the grant application process.