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Economic Development

EconomicDevThe Mayor should be contacted as soon as possible when there is any interest in relocating your business to Walton Hills or if any existing businesses have plans for expansion. 
Now is the time, more than ever, to revisit the possibility of an SBA/504 and 166 Direct Loan. Both programs are state funded and many of the guidelines and restrictions have been loosened to open the gates for businesses to benefit. Here are the general guidelines of each program:

SBA/504

Available to small businesses as defined by the Small Business Administration (SBA) for the acquisition of land and buildings, new construction, renovation and acquisition of machinery and equipment. Manufacturing, commercial and retail businesses could receive a minimum of $50,000 to a maximum of $750,000 for projects. The program has restrictions regarding eligible projects and job creation.

166 Direct Loan

A loan providing money to companies for the use of land and building acquisition, expansion or renovation and equipment purchases. The minimum available is $350,000 and the maximum can be $1,000,000. Preference is given to industrial projects. This program has eligibility requirements that surround repayment capabilities and job creation.

Please contact the Mayor if either of these programs are of interest to you or if your business is considering a project. Many programs exist and it is the goal of the Village of Walton Hills to assist businesses in any of their building and economic development needs.

Profile

The Village of Walton Hills is centrally located between Cleveland and Akron along the I-271 corridor. The Village is on the border of Cuyahoga and Summit Counties and is within 15 and 5 miles of I-90 and I-480 respectively.

Our goals include; forming relationships with managers and business owners, developing additional programs to retain and increase local business and offer assistance that will help to ensure their success. By achieving these goals, we can maintain the balance between our business and residential communities.

Business Outreach

We have a business outreach program that includes visiting existing businesses to facilitate discussion with owners and operators regarding their business needs including concerns, community issues, expansion plans, and opinions doing business in Walton Hills. In a continuous effort to help businesses achieve their goals, we maintain dialog with our businesses and follow up on concerns, requests, and questions.

Incentives & Financing

The Village can also coordinate incentives available to businesses locating or expanding in the Village of Walton Hills. We will analyze a proposed project and determine its eligibility as it pertains to the programs available. Our goal is to streamline the development process at the state, county and local level and insure the best results possible for business and industry, facilitating new job creation and economic growth.

Existing and prospective businesses have several funding incentive options available at the state, county and local level. Each of these levels of government offer programs for job creation and retention, new construction and improvements. There are also loan programs and funds available for brownfield site redevelopment.

Job Creation Incentive Grant Program (JCIGP)

Incentive: Municipal tax refunds, which minimize capital expenditures to encourage business expansions and locations in Walton Hills.

The JCIGP provides for municipal tax incentives for businesses that expand or locate in Walton Hills. A business can receive a refundable tax credit against its corporate franchise/income tax based on the local income tax withheld on new, full-time employees. The amount of the tax credit is negotiable based on the guidelines of the program.

Walton Hills Linked Deposit Loan Program

Incentive: Lower than current market interest rates. The Walton Hills Linked Deposit Loan Program can provide low interest loan opportunities to businesses and property owners who are creating jobs within Walton Hills. The Village of Walton Hills, in partnership with local depositories, will buy down current commercial interest rates for qualified applicants by forgoing certain predetermined investment income. Rates are determined by the participating depository and the Village of Walton Hills. Market conditions set the amount (up to 3%) that municipalities can reduce interest rates. Loans are designed not to exceed five years.

Useful Links & Info

Don Kolograf
Mayor
440-786-2963
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Document Center

The Document Center provides easy access to public documents. Click on one of the categories below to see related documents or use the search function.

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Job Creation Incentive Grant Program (JCIGP)2 documents

  • Job Creation Incentive Grant Program Guidelines
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  • Job Creation Incentive Grant Program Application
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Walton Hills Linked Deposit Loan Program1 document

  • Linked Deposit\Small Business Linked Deposit Program
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Community Improvement Corporation2 documents

  • State of Ohio Certificate
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  • Code of Regulations
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CRA Reinvestment4 documents

  • Community Reinvestment Area Housing Survey
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  • CRA Boundaries
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  • CRA Zoning Map
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  • Cuyahoga County Urban County Members
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Demographics2 documents

  • City Data Profile
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  • Census Fact Finder
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