Tax Incentive Programs

Community Reinvestment Areas

The Community Reinvestment Area (CRA) Program provides real property tax incentives for businesses that expand or locate in certain defined areas in Fairfield. View the Community Reinvestment Areas Application (PDF). Eligible businesses agree to make significant investment in new construction or rehabilitation of an existing facility and to create new employment opportunities. For more information, contact Nathaniel Kaelin of the City of Fairfield at 513-867-5345 or Email Nathaniel Kaelin.

Ohio Job Creation Tax Credit

The Ohio Job Creation Tax Credit (JCTC) is a refundable and performance-based tax credit calculated as a percent of created payroll and applied toward the company’s commercial activity tax liability. Should the amount of the credit exceed the company’s commercial activity tax liability for any given year, the difference is refunded. Companies creating at least 10 jobs (within three years) with a minimum annual payroll of $660,000 and that pay at least 150 percent of the federal minimum wage are eligible for the credit; however, they must apply for the credit before committing to a project. The Ohio Tax Credit Authority must approve applicants before hiring begins. For more information, contact Nathaniel Kaelin of the City of Fairfield at 513-867-5345 or Email Nathaniel Kaelin.

JobsOhio Programs

JobsOhio, the state’s private nonprofit corporation for business attraction, retention, and expansion efforts, offers several funding programs on both a direct and indirect basis. These include grants, loans, and tax incentives coordinated with the Ohio Development Services Agency and/or Ohio Tax Credit Authority. Learn more about these programs on the JobsOhio website.

Other Financing Programs

Small Business Administration 504 Loan Program

The Small Business Administration 504 loan program provides growing businesses with long-term, fixed-rate financing for major fixed assets (real estate, machinery and equipment). Minimum project size is $120,000.

Ohio Small Business Development Center 

The Small Business Development Center at Miami University Regionals advise tenants, local existing business owners, and other entrepreneurs in the community on strategic planning, marketing and gaining access to financial capital. For more information, visit the Ohio SBDC at Miami Regionals website.

Ohio Grow Now Program

The Ohio Treasurer of State has set aside more than $600 million statewide for small business loans through the GrowNOW interest rate reduction program. When a business is approved for a loan at an eligible bank, GrowNOW provides an additional three percent discount on the loan’s already negotiated interest rate. The program can be used by businesses that are organized for profit, have less than 150 employees and are headquartered in Ohio. The maximum loan is $400,000 and there is no application deadline. The borrower must demonstrate that the loan will be used to either create or retain jobs in Ohio. The loan may be used to purchase equipment or inventory, or to provide working capital. For more information, visit the GrowNOW website.