New Markets Tax Credit Investment
Since 2005, Finance Fund has invested over $14 million in NMTC investments in central Ohio, creating 1,014 jobs, 239,192 sq. ft. of commercial real estate, and 50 childcare slots. This community revitalization tool has stimulated private sector capital in low-income communities. Through this program, emerging markets receive access to more capital investment, lower interest rates, and lower risk to lenders. Investment in the community builds assets, which gives rise to stronger businesses. NMTC permits taxpayers to claim a credit against federal income taxes for qualified equity investments made to certified community development entities. Equity investors receive a 5% credit of the investment for the first three years and 6% for the next four years; accumulative total of 39% over seven years.
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SBA Community Advantage Program
The Small Business Administration Community Advantage Program (SBA-CA) enables businesses that employ 500 people or less to apply for this loan and invest in land, building, equipment, or leasehold improvements. The maximum loan amount is $250,000 and requires a minimum 10% cash equity investment toward the purchase price and total project cost. Loan funds can be used to purchase, expand, or improve business real estate or purchase business equipment or other assets. Loans are guaranteed by the SBA.
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PreDevelopment and Economic Development Grants
PreDevelopment grants provide up to $30,000 to community-based nonprofit organizations to fund housing or economic development projects for low-income people and have leveraged $87 million for 509 projects, providing 7,427 housing units, and 4,688 full-time jobs, since inception. Economic Development grants provide up to $150,000 to community-based nonprofit organizations to fund construction/equipment for specific projects and have leveraged $127.6 million for 70 projects and 2,605 full-time jobs, since inception. We provided Medina Creative Housing (MCH) with a grant to build a commercial hydroponic greenhouse, providing training and jobs for 30 people with disabilities, as well as a $100,000 grant for a Pet Play facility, providing training for residents and one dog care administrator. We also provided a grant to reinvent Franklinton, the last downtown neighborhood to be redeveloped. It included a new firehouse, schools, and more.
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Community Health Loan Fund
The Community Health Loan Fund provides loans to healthcare providers including dentists, doctors, and behavioral healthcare professionals serving uninsured, underinsured, and low-income populations. Healthcare providers operating in eligible communities can use loan funds for machinery and equipment, building acquisition, renovation or leasehold improvements, and enable healthcare centers, doctors, dentists, community health centers and federally qualified community health centers to provide primary care, dental, behavioral, and preventive healthcare services to the growing number of uninsured and underinsured people in Ohio.
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