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Business Loans & Grants

The City of Columbus Office of Financial Assistance (OFA) offers a variety of economic development tools to help existing businesses grow and thrive and to aid in the revitalization efforts in our community. OFA provides technical assistance in addition to financial incentives to accomplish these efforts.

The OFA programs include: the Business Development Fund, the Central City Loan Fund, Working Capital Loan Fund, the Neighborhood Commercial Reviatalization Program, the Urban Infrastructure Recovery Fund, the Special Improvement District Program, and the Special Target Area Program.

The OFA has awarded over 800 loans and grants, totaling over $35,000,000 in City funding. The City loans and grants have leveraged over $100,000,000 in private investment and created over 5,000 jobs. In addition, the City has invested over $65,000,000 in public right-of-way improvements.

Business Development Fund

Eligible activities for the Business Development Fund include acquistion of land, building, machinery and equipment. Columbus businesses with project sites within the City limits are eligible to apply. The City's participation is limisted to $200,000 with a maximum term of 20 years. Details

Central City Loan Fund

Loan Funds can be used for acquistion and redevelopment of real property and to purchase machinery and equipment. Project sites where new job creation will occur must be located within the Columbus Empowerment Zone or Core Central City. Profitable businesses, developers with a proven successful track record and economically viable non-profit organizations are eligible to apply. Details

Working Capital Loan Fund

Eligible uses of loan proceeds include purchase of inventory, defraying increased operating costs incurred in business expansion, and acquisition of small equipment. Local businesses with project sites within the City limits are eligible to apply. Loans start at $15,000 with a maximum of $50,000 for up to five years. Details

Neighborhood Commercial Revitalization Program (NCR)

The program offers technical assistance, loans and matching grants, capital improvements and planning services in conjunction with the established business association, in 15 commercial areas surrounding downtown. NCR staff provides assistance to individual businesses to secure architectual design services and financial incentives for acquisition and exterior rehabilitation of commercial property through the NCR Investment Fund, the NCR Commercial Improvement Loan Fund, the NCR Facade Renovation Fund, and the NCR Storefront Renovation Grant Fund.

Urban Infrastructure Recovery Fund

The program funds several million dollars of capital improvements per year in Central City Neighborhoods. Residents propose projects based on a premise they know their neighborhood needs. Since 1992, $36 million in public roadway and public park improvements were constructed such as street paving, assley resurfacing, street lighting upgrades, street trees, curbs and sidewalks, playground equipment, and neighborhood gateways. Details

Special Improvement Districts

A Special Improvement District (SID) is a self-help tool that allows property owners to assess themselves for area-wide services and capital improvements. The OFA works with groups or organizations desiring to form a SID. All SIDs must be created prusuant to the Ohio Revised Code, Chapter 1710. The average time needed to form a SID is approximately two years.

For more information contact:
City of Columbus
Division of Economic Development
109 N. Front Street, 1st Floor
Columbus, OH 43215
645-8032