You are here:
Home > Departments > Economic Development > Business Assistance Programs
Business Assistance Programs
Brooklyn has established proactive assistance programs to encourage and assist business with decision to develop within the City:
Community Reinvestment Area – Real Estate Tax Incentive
The City of Brooklyn has established its city-wide Community Reinvestment Area that allow commercial, industrial, and general businesses to invest in value added real estate and receive a tax incentive for the investment. On new and/or improved real estate investments, this could be up to 75% for 12 years maximum or a minimum of 35% for 5 years. These agreements are negotiated on a case-by-case basis with the Economic Development Department prior to investments.
Brooklyn Job Creation/Retention Business Grant Program
Brooklyn has created a new program under their economic strategies that is fiscally responsible, and supports job creation and/or retention to grow the economic base of City’s income tax base. This program provides a monetary grant to businesses occupying or looking to occupy, whether buying or leasing, existing and/or vacant industrial and/or commercial property within the City. The grant is an annual payment from the City’s non-tax revenues, which is negotiated as to a percentage of the businesses total annual payroll. These agreements are on a case-by-case and need basis and negotiated with the Economic Development Department prior to investments. This grant must assist in offsetting the costs of investments.
Brooklyn Community Improvement Corporation
Formed under Ordinance 2008-36, the Brooklyn Community Improvement Corporation is a working agency of the City of Brooklyn to convert challenged land into marketable and ready-to-build land. The purpose of this non-profit CIC is to promote the public health and safety, to conserve and protect property and property values, to promote and encourage proper development; to secure the most appropriate use of land and to facilitate adequate provisions for public improvements, all in accordance with the municipal comprehensive plan, and to ensure that there are orderly planned development of parcels and land areas in the municipality.
Partnership Business Assistance Programs
State of Ohio Department of Development
- 166 Direct Loan
Provides loans for land and building acquisition, expansion or renovation, and equipment purchases.
- Innovation Ohio Loan Fund Program
Provides loans for acquisition, construction, and related costs of new technology, facilities, and equipment purchases.
- Ohio Capital Access Program (formerly the Link Deposit Program)
Encourages state chartered financial institutions to make loans to for-profit or nonprofit small businesses that are creating or retaining jobs by establishing a unique reserve account at lending institutions.
- Ohio Enterprise Bond Fund
Provides loans for land and building acquisition, construction, expansion or renovation, and equipment purchases for eligible businesses.
- Regional 166 Direct Loan
Provides loans for land and building acquisition, construction, expansion or renovation, and equipment purchases for eligible businesses. The Growth Capital Corporation in Cleveland administers the program locally.
- Research & Development Investment Loan Fund Program
Provides loans commitment to Research and Development activities.
Review other State Loan and Tax Incentive Programs available on the website: www.development.ohio.gov
Cuyahoga County Economic Development Department
- EDA Funding
This fund is design to generate jobs, help retain existing jobs, and stimulate industrial and commercial growth in economically distressed areas of the United States. EDA funding assistance is available to rural and urban areas experiencing high unemployment, low income, or other severe economic distress.
- Economic Development Fund
Provides businesses financial assistance to retain and create jobs for County residents. The fund provides long term, fixed-rate financing at interest rates lower than conventional financing.
- Grow Cuyahoga County Fund
The Fund is designed to assist eligible small business owners with Cuyahoga County obtain loans to grow their businesses and create jobs. Low interest loans of between $100,000 and $1 million are available and may also be used for retail and restaurant development projects.
- Regional Collaboration Loan Program
This program is being initiated.
- Storefront Renovation Program
The City, in tandem with Cuyahoga County, provides a storefront Renovation Program and that can provide grants of 30% of total project costs.
Review other Cuyahoga County Loans Programs are available on their website: www.development.cuyahogacounty.us