Business  |  Office of Strategic Business Investments

Business

Ohio Rural Business Growth Program


Contact

Carrie Manno
Business Services Coordinator
Office of Strategic Business Investments
Business Services Division 
(614) 466-6667
Carrie.Manno@development.ohio.gov

Overview

The Ohio Rural Business Growth Program is designed to increase capital investment in businesses located in rural areas. The program provides an incentive to investors that capitalize companies with principal business in a county with less than 200,000 people.

The program awards tax credit allocation authority to Rural Business Investment Companies or Small Business Investment Companies, or their affiliates, that serve as intermediaries between investors and projects. The investor provides cash to these authorized investment companies in exchange for the tax credit.  The investment companies then deposit those investments into a rural business growth fund, using the fund to finance projects in rural areas.

For 2018, $45 million in tax credit allocation is available.

For Whom

Tax credit allocation authority is awarded to either licensed Rural Business Investment Companies or Small Business Investment Companies (or their affiliates), who allocate the credits to investors. The tax credit can be applied against foreign and domestic insurance premiums.

Benefits

  • Increased investment in rural areas
  • Increased business development or expansion
  • Investors reduce their tax liability and receive a positive return on their investment