Incentive Programs

Ohio provides biomedical businesses with multiple financial options including tax credits, grants, loans and bonds, such as:  

  • Job Creation Tax Credit: This refundable tax credit is applied to the company’s Commercial Activity Tax and is based on income tax withholdings from new jobs created. The credit ranges from 25% to 55% over a five to seven year period.
  • Rapid Outreach Grant: This grant helps companies with the costs associated with the acquisition and installation of machinery and equipment. Qualified projects must involve substantial job creation or retention.
  • Targeted Industries Attraction Grant: The program provides grant assistance to targeted companies creating new, cutting-edge technology within specific targeted industry sectors such as biomedical. The TIA Grant program is intended to help attract projects that will significantly impact Ohio by creating high-value jobs, increasing tax revenues and improving the economic welfare of the State.
  • 166 Direct Loan: This loan assists with new building construction, building acquisition and the acquisition of machinery and equipment. The loan can be used to finance 30% of the project cost from $350,000 to $1 million.
  • Research & Development Investment Loan Fund: This fund provides assistance in the form of a low-interest loan, partnered with a tax credit. Eligible projects are defined as those in which research is undertaken for the purpose of discovering and developing new or improved products, processes, techniques, formulas or inventions. It is expected that project employment will be comprised of a significant representation of scientists, researchers and technicians.
  • Ohio Enterprise Bond Fund: This bond fund is for fixed rate, long-term capital asset financing. The fund is rated AA- by Standard & Poors. Bonds can be issued in the amount of $1.5 million to $10 million and can finance up to 90% of project costs.
  • Workforce Guarantee Program: Funds are provided to assist with certification, credentialing and/or any other related workforce development needs approved by ODOD.