Economic Development

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Economic Development 

538 N. Market St., PO Box 1128

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Emergency Assistance for Business

Wooster Agencies NOW ELIGIBLE for SBA Economic Injury Disaster Loans

19-Mar-2020

All other Ohio businesses are now authorized for the Economic Injury Disaster Loan program from the Small Business Administration. The federally-funded business loans permit companies to finance their impacts through loans of up to $2,000,000 for up to 30 years at no more than 4%. The vast-majority of Wooster-based companies will qualify as a small business (fewer than 250 or 500 employees, depending on the type of business). information on this assistance and applications may be accessed here: https://disasterloan.sba.gov/ela/

SBA's Economic Injury Disaster Loans (or working capital loans) are available to small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations, including: 

  • Businesses directly affected by the disaster 
  • Businesses that offer services directly related to the businesses in the declaration 
  • Other businesses indirectly related the industry that are likely to be harmed by losses in their community (Example: Manufacturer of widgets may be eligible as well as the wholesaler and retailer of the product.

While our Office is not equipped to provide expert advice on SBA loan programs, we are available to speak with local firms who want assistance in submitting a declaration form, or to discuss local economic needs and concerns in general. We may be reached by phone at 330.263.5250, or via email at Jmillea@woosteroh.com, and we welcome all inquiries.

Companies forced to send employees home without pay due to Coronavirus COVID-19 are strongly encouraged to remind their workers to immediately apply for Unemployment Insurance Benefits online at unemployment.ohio.gov. The traditional one-week wait period has been waived. Charges during Ohio’s emergency declaration will be mutualized, and contributory employers will not be individually penalized. (More information on Coronavirus COVID-19 from ODJFS: http://jfs.ohio.gov/ouio/CoronavirusAndUI.stm)

We recommend that local businesses also visit our local economic development partner, the Wooster Area Chamber of Commerce, for updates on COVID-19 resources at www.woosterchamber.com. The SBA will also continue to provide updates from a national perspective at its website, www.sba.gov/coronavirus Our Office will continue to provide information as we obtain it. Thank you for your time and efforts as we navigate these difficult times.

Sincerely,

Jonathan Millea, Development Coordinator

 

Ohio Governor's Office News Release: https://governor.ohio.gov/wps/portal/gov/governor/media/news-and-media/dewine-husted-submit-formal-request-for-federal-assistance-for-small-businesses

 

Developing the Future

Whether finding a new home for a major manufacturing firm, working to launch a new company, or even reinvest in rehabilitating a home, the City of Wooster offers the perfect place to live, grow, and thrive. Working with our partners across the City, Wayne County, and the State of Ohio, Wooster offers businesses and residents a unique set of tools to build a prosperous future.

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For Business

Continually ranked as the Top 10 Micropolitan in the nation, Wooster offers a world-class assortment of tools to assist our firms with growing their business. Our office, as well as our economic development partners, are available to provide local economic and market data. For Wooster firms seeking to expand their boundaries, or for prospective new businesses, the City offers Enterprise Zone and also Community Reinvestment Area incentives to aid in real estate development. Wooster also offers a Job Creation Tax Credit. Discover the opportunity Wooster offers for growing businesses. 

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For Homeowners

Everything around and available to us in the economy started as one person's idea, and grew from a tremendous amount of work, partnerships, and sacrifice. Such is true of many Wooster firms, which today employ people or sell products all across the globe. With a strong collection of vibrant and local organizations offering networking and mentoring resources, in addition to financing and loan opportunities such as the Wooster Opportunity Loan Fund, learn about how Wooster is a great place to start your newest venture.

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For Start-Ups

Economic development, investing in the future, starts at home. The City of Wooster offers tools designed to help individual homeowners, or those seeking to become homeowners, invest in themselves and build a stronger financial future. Providing real estate tax savings, the Community Reinvestment Area program provides opportunities for property owners reinvesting in their one and two-family homes within Wooster's historic neighborhoods. Providing forgivable loans and small grants, the City also works to achieve grants to assist low income homeowners with emergency repairs through its CHIP Program. To learn more, please click here.

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Economic Development
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