I'll leave this as open as possible.

 

What sources do you guys know of that I can find out more about getting startup money for a high-tech business located in NoKY?

 

I already have another business but am looking to spin-off some entrepreneurial stuff.

 

I am aware of Covington's Ezone (?) so I am looking for more info on this or similar.

 

TIA

Well, I could do some digging for you...but I would be more pleased to do some digging on information about Cincy or Ohio startup assistance.  Anywho...I know some planners for Covington and NKAPC...I'll see what I can do.

Now that you mention it...I wouldn't be opposed to Ohio.  I, like many, have a perception that KY is more conducive. + I live in NoKY.

Well here is one program that comes to mind, heres the info:

 

LINKED DEPOSIT LOAN PROGRAM

 

PROGRAM:  The Linked Deposit Program, adopted by the City Council in 1996, was established to stimulate economic development opportunities for small businesses, emerging businesses and those owned by women and minorities.  The program assists businesses by allowing them to receive loans from financial institutions at lower interest rates.  By placing certificates of deposits with a financial institution at an interest rate 2 percent below market, the City enables financial institutions to reduce the loan rate to borrowing businesses by 2 percent.

 

PROGRAM GOAL: To help remove the barrier of access to affordable capital to small and emerging businesses.

 

TYPE OF ASSISTANCE: Reduction of small business loan interest rate

 

TYPICAL STRUCTURE: Varies based on terms established by financial institution

 

MAXIMUM AMOUNT: $150,000.00

 

REPAYMENT:  Varies based on terms established by financial institution

 

INCENTIVES:  2% reduction in interest rate on loan from a financial institution

 

BENEFITS:  Lowers the borrowers interest on a loan

 

ELIGIBILITY: All types of businesses are eligible, including high-tech, manufacturing, industrial, retail, service, real estate, financial services, and professional services.  To qualify under the program, the business must have:

 

1. For-profit status,

2. A location in the City of Cincinnati,

3. 50 or fewer employees,

4. Net worth no greater than $250,000,and

5. Annual sales of less than $5 million.

 

Businesses with annual sales between $1 million and $5 million must receive a written justification from the bank that the project would not be done without assistance from this program.

 

CRITERIA:  Based on borrower's eligibility.

 

ELIGIBLE/

INELIGIBLE USES:  The Linked Deposit Loan Program cannot be used to refinance debt.

 

EVALUATION:  Based on borrower's eligibility.

 

RATES/FEES:  No City fees.

 

APPROVAL:  Approval required by DCD and Treasury Division.

 

PROGRAM EXAMPLES: Mackie Quality Meats, Northside Grinding Company, LLC, Banacom Instant Signs.

 

Information from: http://www.cincinnati-oh.gov/cdap/pages/-3487-/

Here are some other resources:

 

-Cincinnati: Economic Development: Programs

-Cincinnati: Community Development & Planning: Programs

-Hamilton County Development Company: Programs

-Greater Cincinnati Venture Association: Homepage

-Blue Chip Venture Company: Portfolio

 

As I explore these I am sure they will prove to be invaluable. Your ck is in the mail.  :wink:

^There are tons of programs out there...I wish you the best of luck with your business venture, and hope that you stay open minded to what Cincy has to offer.  Make the best business decision, just don't rule out Cincy too early in your search.  I have emailed a few people, and when I get word back on what they say, I will let you know.

 

Good Luck!!!

Here is some info I got from a connection within Covington government:

 

As far as e-business, have him give Beth Robinson a call @ 859.292.2168.  She is the person in our office who deals with business retention and startups therefore will have all the information on incentives. 

 

I work with buildings and there are some general funds for rehab and tax abatement available on a case by case basis, much like the business programs.  Madison Avenue is the "tech corridor" with a fiber trunk under the street and most of the e-business already here is close to it.  If you are looking for a live / work building, we have some programs for that sort of stuff as well.  Also, there is an e-business "incubator" here that Beth knows about.  It was set up to aid startups by leasing cheap space that is already wired and all.