Development - Loans/Grants

Mayor William Healy is aggressively pursuing the attraction of new companies and businesses to the city.  Canton has a wide variety of attributes that make the city a smart location for companies of all shapes, sizes, and industries. 

In addition to these attributes, we have created several programs that provide incentives to companies looking to locate, re-locate, or expand locally.

Below are just a few of the many ways we can help your business thrive in Canton - to learn more, contact Development Director Robert Torres at +1 (330) 489-3258 or .  

Business Incentive Programs

CCIC Loan Program
In collaboration with the Canton Community Improvement Corporation, the City of Canton can provide a low interest loan at a rate of 4% to less than prime for a term of five years. The amount of the loan is determined by the total project investment of the project.  Loan funds can be applied to  Applicants must make application through the CCIC by contacting Deputy Director Linda Barnes at 330-438-4122.

Economic Growth Initiative
The City of Canton offers two development programs that promote economic growth targeting companies looking to locate to the City or a company that has plans for expansion.

Job Creation Incentive Program
The City of Canton shall provide a yearly payment to an enterprise up to 50% of the employee’s 2% income tax withholdings that are paid to the City of Canton. An enterprise must relocate new jobs to the City of Canton or create “net new jobs.” The term of this incentive shall not exceed five (5) years.

Basic Eligibility Requirements:

• Eligible enterprises include new or existing businesses within the City of Canton.
  
• Enterprise must create or relocate a minimum of ten (10) “net new jobs.”
  NOTE:  “Net new jobs” must be from the new or existing enterprises relocating or expanding within the City of Canton.
  
  
• Applicant must apply for the incentive prior to expanding the business, signing a lease, constructing a new facility, annexing or purchasing a building within the City of Canton.

Net Profit Tax Incentive
Any enterprise that relocates to the City of Canton will be eligible for a yearly payment of up to 50% of the “net profits tax” that are paid to the City of Canton. The term of this incentive shall not exceed five (5) years.

Basic Eligibility Requirements:

• Only enterprises that are relocating to the City of Canton are eligible for this program.
  
  
• The program shall be limited to employers that are subject to the City of Canton’s 2% net profit income tax.
  
  
• Enterprise must relocate a minimum of ten (10) new jobs to the City of Canton.
  
  
• Applicant must apply for the incentive prior to signing a lease, constructing a new facility, annexing or purchasing a building within the City of Canton.

For more information on the
Economic Growth Initiative, contact
Development Director Robert Torres
+1 (330) 489-3258  Office
+1 (330) 580-2070 Fax

State Assistance
In partnership with the City of Canton’s Department of Development, developers and companies are eligible to apply for revitalization funds through the Ohio Department of Development.

The Clean Ohio Revitalization Fund was developed to provide funding for brownfield clean up activities, which are a key component in brownfield redevelopment. Brownfield redevelopment allows a community to reclaim and improve its lands, making previously developed property viable for new development.

The Clean Ohio Revitalization fund is part of a $200 million dollar initiative approved by Ohio voters as part of the $400 million Clean Ohio Fund. The Ohio Department of Development, through its Office of Urban Development, implements the Clean Ohio Revitalization Fund in consultation with the Ohio Environmental Protection Agency (Ohio EPA).

For more information on the
Clean Ohio Revitalization Fund, contact
Development Director Robert Torres
+1 (330) 489-3258  Office
+1 (330) 580-2070 Fax