- Available to eligible businesses that will create within 3 years a minimum of 1) 50 new jobs or 2) $ 1,000,000 in new payroll and 20 new jobs. The annual grant may be awarded for up to 10 years and is calculated as a percentage (maximum 30%) of annual payroll taxes new to the City of Solon.
Growth & Revitalization Incentive Program
- One-time grant to property owners or businesses to encourage redevelopment, improvements, or demolition of obsolete and fully or partially vacant industrial, office, and retail/commercial buildings. Storefront renovation projects do not have a building vacancy requirement. Grant is paid on a reimbursement basis after project completion.
Enterprise Zone Tax Abatement
- Solon’s Enterprise Zone encompasses the industrial district in the southwest portion of the city. State law enables the city to offer abatement on real estate taxes for up to 75% for up to 15 years to eligible businesses seeking to establish, expand, renovate or occupy a facility and that will create new and/or preserve existing jobs.
Industrial Revenue Bonds
- Enables borrowers to obtain funds for building and capital equipment from private sources at favorable interest rates. Because of the city's involvement, interest on loans is tax-free, resulting in considerable savings to the borrower. IRB's are also available through the county and state.
- Voice and data communications consulting services for potential and existing tenants and property owners, including review of service availability for local and long distance phone service, Internet connectivity, voice and data communications equipment, and premise wiring.
Get Growing in Solon Small Business Loan
- Rate and loan fee reductions are available to qualifying small businesses in Solon through participating banks. Loans may range from $50,000 - $1,000,000.
- The city and Solon Chamber of Commerce teamed up to create this program for businesses that are new to Solon and existing businesses that relocate or expand within Solon. Businesses that receive a certificate of occupancy from the city will also receive an enrollment form that may be returned to the Chamber of Commerce for special discounts on business services and products provided by Chamber members. Businesses may take advantage of these special discounts from a list of from 30+ vendors for 4 months, whether or not they are Chamber members.
Get Started in Solon
- New businesses with 1-20 employees will receive a voucher for $200 worth of office supplies from a Solon vendor. New businesses will receive their vouchers within a few months of moving to Solon with their Welcome to Solon packets.
International Business Development
- Resource information is available for local companies interested in international trade and foreign companies seeking a location in Northeast Ohio.
- Listing of available office, warehouse, manufacturing, commercial space in the City of Solon, including lease/sale price and contacts. Available by mail, fax or the following websites: Available Properties and www.solonchamber.com. Customized assistance is also available by calling Angee Shaker at 440-337-1313.
Site Plan Assistance
- Businesses planning new construction, exterior renovations, or landscaping projects should contact Planning Director Rob Frankland, 440-349-6327, for assistance with site plan review and guidance through the approval process.
Property Assessed Clean Energy Financing or PACE is a mechanism that allows a commercial property owner to finance energy efficiency and renewable energy improvement projects through assessments on their real property tax bills. PACE will offer financing for projects from $100,000 - $500,000 and interest rates as low as 2.5%. Visit the NOPEC site, www.nopec.org for more information.
Team NEO is a regional economic development organization that offers business services including real estate and capital finance, incentives information, workforce data, expansion strategies, and business networking. For information, call 216-363-5400, www.teamneo.org.
State of Ohio
For information on grants, loans, tax credits and other programs through the State of Ohio, follow this link: http://development.ohio.gov
The Northeast Ohio Areawide Coordinating Agency (NOACA) can help groups form vanpools. An ideal vanpool group is of 5 or more commuters who travel long distances for work. For information on vanpooling, call Brenda Walker at 216-241-2414, ext. 282.
NOACA also sponsors Ohio RIDESHARE, a free online ride-matching assistance program that helps commuters find carpool partners. For information, call 1-800-825-RIDE or visit http://www.noaca.org/index.aspx?page=193.
RTA Mobility Specialists are available to help employees who need transportation to connect with the right resources. Specialists serve each of the 11 County Neighborhood Family Service Centers based on residential location. To speak to a Mobility Specialist, please call 1-866-WTW-TRIP.
provides long-term, fixed interest rate financing of $1 million to $6 million primarily for owner occupied industrial and commercial projects. Funds may be used for land and building acquisition, new construction, renovations as well as the purchase and installation of select machinery and equipment.
Off Balance Sheet Financing
- Provides fixed rate, long-term financing of $3 million to over $100 million for expansion or relocation. The Port Authority finances, builds and owns the assets and leases them to the company. At the end of the original lease term, the company may exercise an option to extend the lease, buy the asset at the then-market rate, or vacate the premises.