Incentives and Assistance
As a means of encouraging the location and retention of business in Riverside, City Staff is available to assist existing and start-up businesses in obtaining any of the following services. Business owners are encouraged to contact the Department of Economic Development early in their process. What follows is only a small representation of what assistance and financial incentives could be available for your project.
Enterprise Zones (EZ) are areas targeted for limited local and state tax abatement and tax credits. Local tax abatement can be provided for new investments of real and tangible personal property for up to ten years. Abatements can be granted for as much as 100% for development of brownfield properties being remediated. The abates pertain only to the increased investment and not existing structures.
Economic Development/Government Equity (ED/GE Grants)
This is a revenue sharing program offered by Montgomery County that awards grants to projects that create or retain jobs, expand local tax base and have a committed end user. Requests are taken twice a year. Funds are awarded on a competitive basis with those projects being placed in areas with existing infrastructure receiving preference.
Tax Incremental Financing Districts
The City of Riverside has the ability to define geographic areas that allow the City to capture some or all new taxes that could derive from new development. Funds can be used to finance construction of public infrastructure.
Small Business Administration (SBA) 504 Loan
The City of Riverside has available numerous providers for this federal financial assistance program. The SBA 504 program can to minimize the amount of down payment required to obtain a loan and has extended terms which can greatly decrease a loans monthly payment. Please contact City staff for more information or go to www.sba.gov.
State of Ohio Business Financing and Tax Incentives
The State of Ohio has in place numerous funding options servicing both small businesses and large corporations, start-ups to established companies and from research to commercialization. Riverside staff can assist in obtaining these resources for your organization. For a complete list see http://development.ohio.gov/bs/bs_busgrantsloans.htm.
The Ohio Brownfield Fund is a collection of funding sources that can be used to help plan, assess and remediate brownfields throughout the state. A brownfield is a piece of property whose redevelopment is complicated by the potential presence of environmental contaminants such as hazardous substances, asbestos, lead-based paint, and petroleum. Brownfield redevelopment allows a community to reclaim and improve its lands, making property viable for new development. For more information go to http://development.ohio.gov/cs/cs_brownfield.htm.
The BusinessFirst! Program uses a customer-oriented approach to economic development designed to link businesses to resources in the community. The BusinessFirst! team is a coordinated group of more than 50 government agencies, development organizations and nonprofit corporations.
The goal of the program is to provide a single point of contact for all of your business needs. An Outreach Specialist, a professional in the economic development community, will learn more about your business and help to identify area resources to help you succeed in today’s competitive environment.
The first step is a one-on-one visit with your Outreach Specialist. There you can discuss your operations, your needs and your plans for the future. We then review your firm’s information and match your needs with the appropriate resources and individuals within the BusinessFirst! team or visit http://www.mcohio.org/services/ed/business_first.
Small Business Development Center (SBDC)
Ohio Small Business Development Center at Wright State University was created to provide ongoing consultation, education, research and information services to existing small business owners and potential entrepreneurs. Go to .https://clients.ohiosbdc.ohio.gov for more information .