Economic development

GOPC’s suggestions for JobsOhio under the next Governor

GOPC’s suggestions for JobsOhio under the next Governor

As the candidates consider how JobsOhio might operate under their Administration, looking to the successes of other states points to the importance of investing in place to create an environment for growing, stable business and employees.

Touring Northwest Ohio

By Alison D. Goebel, Associate Director Periodically, GOPC staff likes to get out of the office and meet with leaders in their communities to learn about new and exciting changes that are developing throughout Ohio. With this mission in mind, earlier this month I visited Tiffin and Findlay to find out what is going on in these Northwest Ohio cities.

Tiffin has about 17,500 residents; Findlay about 41,500. Both are the home to smaller universities and have beautiful rivers running through their downtown. Findlay is the headquarters for two Fortune 500 companies—Marathon Petroleum and Cooper Tire--and Tiffin has several smaller manufacturing plants.

River

Tiffin has a number of planning processes underway to better leverage its cute downtown, which includes historic buildings and sits between Tiffin University and Heidelberg University.  As it is, in the last three years, the city has established a local job creation tax credit that complements the state tax credit, signaling to employers that the city wants to be business friendly. The city has also created a facade enhancement program to help downtown building owners, and they have established a revitalization district in downtown and along a major corridor to help attract businesses. Small businesses have already begun to return to empty storefronts in downtown and the downtown redevelopment plans are expected to help Tiffin become even more strategic with its resources.

Tiffin Green Space

Downtown Findlay is very picturesque and almost all storefronts have first floor tenants.  Marathon is expanding their downtown campus and a large grocery distributor is building a new facility on the edge of town that will employ 425 residents. While Findlay is working at distinct corporate advantage with its two Fortune 500 headquarters located within its borders, Findlay elected officials credit the city’s success to the private sector's engagement and commitment to having a thriving city now and in the future. Officials explain that the city’s governing philosophy is "to create an environment for investment" and that "if companies know what to expect and know it’s a safe place [to invest] they will come."  Long ago, Findlay committed to making it as easy as possible for their businesses to expand and stay. Findlay's investment areas are predictable, their commitment to respond to corporate needs is established, and leaders in all sectors understand that they depend on one another for long-term success.

Findlay

I appreciated the opportunity to meet with officials that are valuing the power of their downtowns and recognize the economic and social benefits of thriving business districts and collaborative cross-sector relationships. Hats off to Findlay and Tiffin!

 

YNDC’s New Small Business Loans

By Octavious Singleton, GOPC Intern Photo of small business support at YNDC by Marianne Eppig

The Youngstown Neighborhood and Development Corporation (YNDC) is promoting growth in Youngstown, Ohio by supporting local businesses. The non-profit will grant equipment loans ranging from $1,000 to $10,000 to companies whose applications are approved. While any type of business can apply, the criteria they must meet include: 1) the company must be located in the city, 2) the owner must be a resident, and 3) the company must have five or fewer employees. To further narrow the selection of businesses, YNDC will consider whether the owners are low-income individuals, if they are hiring, and the likelihood that the business will prosper in the future.

The loan allows the companies the opportunity to obtain needed equipment for business expansion, which should ultimately generate economic benefits in the city. YNDC is only attaching a 2% interest rate to the loans. The YNDC will also be flexible on the amount of years repayment will take. This approach is set up to ensure small companies benefit from the aid.

Selected companies will be awarded loans in November. The loans will be a pilot program to determine whether YNDC expands its mission into micro-business support. Loan applications are available in YNDC office, at 820 Canfield Road, and by emailing Liberty Merrill at lmerrill@yndc.org.

For more information on this program, visit YNDC’s website.

See also: “YNDC Taking Applications for Small Business Loans” by Josh Medore for The Business Journal