State Announces New Innovation Loan Program

The Ohio Department of Development is rolling out the Innovation Ohio Loan Fund, which will provide individual loans worth between $250,000 and $5 million to existing, Ohio-based manufacturing, information technology, advanced materials, bioscience, and instruments, controls and electronics companies.

While the loans will be available to several types of companies, the program heavily targets manufacturing firms that generate between $5 million and $50 million in annual revenue. And it is restricted to companies that are developing next-generation products. ODOD will provide up to 75% of product development project costs, up to $5 million per loan.

The state is targeting the fund to help mid-sized companies that lack the size, product diversification or other characteristics typically favored by the private sources of capital.

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