MARTY DIVITO, BEDFORD HEIGHTS ECONOMIC/COMMUNITY DEVELOPMENT DIRECTOR - (440) 786-3240
The incentive programs offered below are to encourage companies to relocate to or to remain and expand in the City of Bedford Heights. Incentives are available from the City of Bedford Heights, Cuyahoga County, Cleveland-Cuyahoga County Port Authority, the State of Ohio and the Federal Government. Most programs offered require new investment in real or personal property and a job creation or retention component. The list below is not comprehensive; please contact the Bedford Heights Department of Economic and Community Development at (440) 786-3240 for incentives targeted to specific industries.
Virtual Rain Garden Simulation
Economic Development Loan Fund
The Economic Development Loan Fund provides businesses with financial assistance to support the retention and creation of jobs for County residents. The fund provides long term, fixed-rate financing at interest rates lower than conventional financing. Interest rate is typically four and a quarter percent (4.25%). The fund is intended to fill a financing gap beyond the amount of private participation and equity investment that can be raised. Loans generally range from a minimum of $35,000 to a maximum of $350,000, up to forty percent (40.00%) of total project cost. Loan terms are up to seven (7) years on equipment and up to fifteen (15) years on land and building. Loans can be used to finance the acquisition of land, buildings, machinery and equipment as well as for new construction, renovation, expansion and/or conversion of facilities. Loans cannot be used to refinance debt, purchase inventory, pay other non-capital costs or on speculative projects. The County will take a subordinated collateral position provided there is adequate collateral available as security, up to a ninety percent (90.00%) loan to value ratio.
Manufacturing Assistance, Development and Expansion Program
The M.A.D.E. in Cuyahoga County Program provides manufacturing businesses with financial assistance to support the retention and creation of jobs for County residents. The fund provides long term, fixed-rate financing at interest rates lower than conventional financing. Interest rate is currently two percent (2.00%). The fund is intended to fill a financing gap beyond the amount of private participation and equity investment that can be raised. Loans generally range from a minimum of $35,000 to a maximum of $200,000, up to forty percent (40.00%) of total project cost. Loan terms are typically seven (7) years on equipment and up to fifteen (15) years on land and building. Loans can be used to finance the acquisition of land, buildings, machinery and equipment as well as for new construction, renovation, expansion and/or conversion of facilities. Loans cannot be used to refinance debt, purchase inventory, pay other non-capital costs or on speculative projects. The County will take a subordinated collateral position provided there is adequate collateral available as security, up to a ninety percent (90.00%) loan to value ratio.
Things to watch for
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INCENTIVE PROGRAMS
Contact Marty Divito in the Bedford Heights Economic and Community Development Department (440-786-3240)
