Tax Rates
Mercer County has some of the lowest tax rates in the U.S. These rates help our local businesses reduce their operating costs and increase profitability.
Total tax rates for business operations in Mercer County
- Sales and Use Tax – 7.25% (state and county)
- Income Tax – 2.5% (city and school district)
Incentives & Financing
Job Creation Tax Credit (JCTC)
The Job Creation Tax Credit is a refundable tax credit to companies creating at least 25 new full-time jobs (within three years) in Ohio. The credit may also be available for certain high-wage industries creating 10 or more new full-time jobs within three years. Approved projects generally range between a 25% and 55% credit for a period of five to seven years. The business must apply for the credit before committing to the project.
Tax Abatement
Mercer County has certified 13 zones within the county for the purpose of granting abatement on real property improvement projects. Application forms can be obtained through Mercer County Community Development.
Research and Development Investment Tax Credit
The R & D Investment Tax Credit is a non-refundable Ohio commercial activity tax credit for all investment in qualified research expenses incurred in Ohio by eligible “C” corporations. Qualified research expenses are based on Section 41 definitions in the U.S. Internal Revenue Code and include expenses for both in-house and contract research expenses. The amount of the credit is based on 7% of the amount of all qualified investment in a specific year. The credit can be carried forward for up to seven years.
Roadwork Development (629)
These grant funds are available for public roadway improvements, including engineering and design costs. This fund is available for projects primarily involving manufacturing, R&D, high technology, corporate headquarters and distribution activity.
Community Development Block Grant
Federal grant funds are available through the state to assist with public road, water and sanitary sewer improvements specifically benefiting economic development projects. Job creation must be involved, and companies must commit to hiring at least 51% of employees from low-to-moderate-income populations in the county where the project is located.
Rapid Outreach Grants
These funds are for on- or off-site infrastructure improvements, including water, sewer, road and rail improvements. This fund is for companies primarily engaged in manufacturing, R & D, high technology, corporate headquarters and distribution. Job creation or retention must be significant, and all other sources of private and public financing must be considered first.
Ohio Enterprise Bond Fund
Provides loans for land and building acquisition, construction, expansion or renovation, and equipment purchases for eligible businesses.
GrowNOW Program
GrowNOW is a partnership between the State’s eligible banks and the Ohio Treasury. The program enables small business owners to receive up to a 3% interest rate reduction on a bank loan when they link the loan to job growth or retention in the State of Ohio. GrowNOW also serves as a catalyst for Ohio’s economic development and rewards the small business that drives it.
Mercer County Revolving Loan Program
Mercer County Community Development Department
Jared C. Ebbing, Community/Economic Development Director
101 N. Main Street – Room 102
Celina, OH 45822
419-586-4209
419-586-2963
This program is funded from the proceeds from grants received from the U.S. Department of Housing and Urban Development and the Ohio Department of Development. Mercer County has a very active revolving loan fund, enabling it to create over 900 jobs since its inception. Eligible borrowers include: Corporations, Partnerships and Sole Partnerships within Mercer County.
Use of Funds: Fixed assets including land, buildings, machinery & equipment, and working capital for an expansion of an existing business or a new start-up business.
Loan Amount: Up to 50% of the total project cost; maximum $25,000 per job created. Loan ceiling may be determined by the availability of funds.
Terms & Interest Rates: Based on the borrower’s needs. Interest rate is fixed – below market. At this time, we are loaning at a 3% fixed rate.
Time Frame for Loan Approval: Four to six weeks, depending on how quickly information is received from our borrowers and the degree of the environmental review that must be prepared.
See the page of requirements needed in order to get the Revolving Loan process completed.
SBA 504 Loan Program
Coordinated Through Anchor Financial
Robert Huff, Executive Director
Julie Jurosic, Project Manager
419-222-0130
Lima, OH
www.anchorsba.com
The SBA 504 Loan Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land, buildings and equipment. Typically, a 504 project includes a loan secured with a senior lien from a private-sector lender covering up to 50% of the project costs, a loan secured with a junior lien from WCPI (backed by a 100% SBA-guaranteed debenture) covering up to 40% of the costs, and a contribution of at least 10% equity from the small business being helped.
Proceeds from 504 loans must be used for fixed asset projects, such as purchasing buildings and land; improvements, including existing buildings, grading, street improvements, utilities, parking lots or landscaping; construction of new facilities, or modernizing, renovating or converting existing facilities; or purchasing long-term machinery and equipment. Prevailing wage is not applicable.
SBA 7(A) Loan Guaranty
Coordinated Through Anchor Financial
Robert Huff, Executive Director
Julie Jurosic, Project Manager
Lima, OH
419-222-0130
www.anchorsba.com
SBA 7(a) loan proceeds may be used to establish a new business or to assist in the operation, acquisition or expansion of an existing business. These include (non-exclusive):
- To purchase land or buildings, to cover new construction, as well as expansion or conversion of existing facilities;
- To acquire equipment, machinery, furniture, fixtures, supplies or materials;
- For long-term working capital, including the payment of accounts payable and/or for the purchase of inventory;
- To refinance existing business indebtedness, which is not already structured with reasonable terms and conditions;
- For short-term working capital needs, including: seasonal financing, contract performance, construction financing, export productions and for financing against existing inventory and receivables under special conditions
Regional 166 Loan Program
Coordinated Through Anchor Financial
Robert Huff, Executive Director
Julie Jurosic, Project Manager
Lima, OH
419-222-0130
www.anchorsba.com
The Regional 166 Loan Program provides funding for manufacturing businesses locating or expanding in Ohio. Eligible projects include land and building acquisition, new construction, renovation or expansion of an existing building, or acquiring new or used machinery and equipment.
Typically, a Regional 166 Loan project includes a loan secured with a senior lien from a private-sector lender covering up to 50% of the project costs, and a contribution of at least 10% equity from the business being helped. Proceeds from the Regional 166 Loan cannot exceed $350,000 or up to $35,000 for each new full-time job created during the first three years of the project, whichever is less. Ohio prevailing wage rate applies to all new construction, renovation and installation of machinery and equipment.
Midwest Electric Revolving Loan Fund
Matt Berry
060029 County Road 33A
St. Marys, OH
Phone: 419-394-4110 or 800-962-3830
www.midwestrec.com/
Midwest Electric Administers a Rural Development Revolving Loan Fund (RLF) to promote and assist in economic development activities in rural west central Ohio. The RLF will be used to provide community development assistance to nonprofit entities, businesses, and public bodies for employment creation projects, or other projects that provide needed community facilities and services. The RLF is a low-interest financing loan program intended to fill capital financing gaps in order to encourage economic development.
Transportation
Highways
- Interstate 75 North and South – 15 miles east via Ohio 29/US 33 (4-Lane Highway)
- Ohio Route 127 and Ohio Route 29 intersect Mercer County
- U.S. Route 33 East and West – 3 miles
Air
Lakefield Airport located in central Mercer County with 5,180 ft. of lighted paved runway. Dayton International Airport – 50 miles south.
Rail
R.J. Corman Railroad has interchanges with Norfolk Southern Railroad, which has rail connections to all of North America.
Workforce
Mercer County has a skilled, trained and available workforce. In a recent survey of local companies, owners and supervisors rated our workforce attendance, retention and productivity as “Excellent.” Workers in Mercer County have a solid work ethic and dedication.
Mercer County is located centrally in the West Central Ohio region, positioning your business to take advantage of the knowledge, work ethic and productivity of the nearly 350,000 workers in the region.
Workforce Training and Resources
There are numerous business training tools to support targeted workforce continuing education.
The State of Ohio has prioritized being a national leader in talent development. Ohio Means Jobs offers a variety of business training tools to support targeted workforce continuing education. The Ohio business community can take advantage of several free and financial assistance opportunities designed to stimulate the availability of educated labor to serve industry-specific needs.
Finding the Right Workers
Our local companies are in need of our local talent. Hometown Opportunity is our solution to connecting job seekers of all ages with local businesses, aimed at steering high school, college students and adults toward the appropriate education and/or training that can lead to careers that are available right here, right now.
Contact Us With Questions
Reach out to us to learn more about the benefits of locating your business site in Mercer County.
