Economic Development

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TECHNICAL ASSISTANCE AND CONSULTING

The City of Warren has partnered with the following Organizations to offer assistance to New and Existing Businesses within the City of Warren.

BRITE

BRITE is an innovation-first ecosystem advancing the transition to a clean energy economy. Founded as a 501c3 nonprofit in 2010 to accelerate energy technology and economic development in Northeast Ohio, we’ve since helped more than 600 companies across the state scale to create more than 2,100 good-paying jobs and secure third-party investment of over $250 million. We provide signature start-up programs for clean energy technology entrepreneurs, an expansive network connecting industry, business, start-ups, academia, community, government, and philanthropy interested in clean energy, and strategic presence to unleash the energy revolution! 

At our Warren, OH Headquarters, located at 125 W Market St on Courthouse Square, we proudly serve our local community of entrepreneurs and small businesses, regardless of their interest in clean energy technology. We offer a variety of opportunities to utilize our facility, including:

· Co-working space

· Individual Office Rentals

· Use of our BRITE Lab, Makerspace, or Prototyping Lab (training required)

· Rental of our space for community events (board rooms, mezzanine, etc.)

To learn more about BRITE and our facility, or to schedule a tour to see our space, please contact Beth Barbush, Office Specialist, at 330-395-3500, or visit us online at brite.org. https://brite.org/

Minority Business Assistance Center (MBAC)

Through a partnership with the Ohio Development Services Agency (DSA), the Minority Business Assistance Center (MBAC) of the Youngstown region serves the needs of small, minority, and socially and economically disadvantaged businesses at Tier I and Tier II levels. Tier I MBAC provides technical assistance and professional consulting to businesses in the ideation and start-up phase. Tier II MBAC assists existing and growth-stage businesses with certification, procurement, access to capital, assistance in obtaining contract opportunities.

 

A primary objective of the program is to identify emerging businesses and cultivate their growth and sustainability. Professional MBAC staff work with owners of existing businesses, certified Minority Business Enterprises (MBEs), certified Encouraging Diversity Growth and Equity (EDGE), and socially and economically disadvantaged businesses. The MBAC provides MBE and EDGE entrepreneurs with management, technical, financial and contract procurement assistance in addition to loan and bond packaging services.

 

Youngstown MBAC will service the City of Warren, by appointment only, at BRITE located in Downtown Warren. To schedule an appointment, please contact Ayana Beulah at abeulah@ybi.org  or (330) 746-5003 ext. 104.


Local Loans, Grants and Bonds

Business Development Loans The City of Warren assists small business development with loans for capital assets and working capital to start or expand a business. Retention or growth of employment opportunities is a key factor for these short term, fixed rate, low interest loans. A business plan, financial records, projections and collateralization are required for these loans; however, assistance is available throughout the application process. Many times these loans are part of a larger financing package, with the City Loan providing the gap between primary financing sources and the owners equity. Loans cannot be used for speculative purchase of real estate or housing projects.

Valley PartnersValley Partners is a small non-profit CDFI organization that offers flexible lending solutions for small business projects in the valley.   They specialize in providing local businesses with access to the capital they need to start or expand their business.  They partner with financial institutions and other economic development agencies to put together the best lending package for their clients.  They offer small business loans through a variety of different loan programs funded through agencies such as the SBA, EDA, State of Ohio and USDA.  They also have local revolving loan funds capitalized by local governments utilizing their ARP funds.

Valley Partners Contact:
Mario A. Nero Sr.
Director of Lending
330-759-3668 Ext 122
mario@valleyedp.com

Industrial Revenue Bonds (IRB) – Small issue bonds that can be used for manufacturing purposes. A Bond issued by public entities on behalf of the companies, therefore having interest not subject to federal income taxes, allows for lower rates. Due to the up-front fees involved, however, these are not recommended for projects under one million dollars.

City of Warren Tax Incentives

City of Warren Property Investment Reimbursement – Based on an Employment and Investment formula, the reimbursement applies to new withholding taxes paid annually and requires new employment and a minimum investment of $25,000. This is a 10 year tax abatement – full percentage for the first five years and phased out over the second five years.

Warren Profits Tax Credit – Based on an Employment and Investment formula, this credit applies to any increased profits experienced by the company. A minimum investment of $150,000 is required. This is a 10 year abatement – full percentage for the first five years and then phased out over the next five years.

Enterprise Zone Tax Abatements – Property tax abatements are available for any additional improvements to the infrastructure of a property. Abatements in the City can be as high as 100% over 10 years (over 75% requires school board approval). There is an annual fee of $750. Abatements are not to be used for relocation from one part of the State of Ohio to another but there can be exceptions to this rule.

CRA (Community Reinvestment Area) Abatements – These work similar to the Enterprise Zone tax abatements listed above. The property site must be within the City’s CRA district, which is not the same as the Enterprise Zone. For the City’s purposes, CRA abatements are mainly designed to assist with tax abatements for housing projects or restorations.


Economic Development Department
258 East Market Street
Suite 305
Warren, OH 44481
Ph: (330) 841-2595
Fax: (330) 841-2643

Office Hours
Monday – Friday
8:00 AM – 4:00 PM

Staff Contacts

Michael Keys,
Director
(330) 841-2565
mkeys@warren.org

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