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Innovation Ohio Loan Fund Servicing

Purpose

The Innovation Ohio Loan Fund (IOLF) addresses an identified need in the capital-funding continuum.  It is intended to provide capital to Ohio businesses with limited access to capital and funds from conventional financing sources due to technical and commercial risk factors associated with the development of new products or services.

Program

The IOLF provides assistance to existing Ohio companies in developing next-generation products and services within certain Targeted Industry Sectors (Advanced Materials, Instruments, Controls and Electronics, and Power and Propulsion).

For Whom

The IOLF supports the growth capital needs of established Ohio companies that have: 1) a minimum of two years of operating history and revenues generated, 2) developed a proven product for a proven market, customer orders and reasonable prospects for rapid sales growth, 3) attracted third party capital and reasonable prospects of continued backing from such investors; and 4) the program may require additional investment in the company as a condition to an IOLF.

Program Contact

JobsOhio and the JobsOhio Network, the state's economic development organization, are responsible for the marketing, initial company contact, and company application process through loan approval. Companies interested in finding out more about the program or discussing a potential project that may qualify for the IOLF Program should click here to be directed to JobsOhio’s webpage.

The approved loans are managed by the Ohio Development Services Agency. Its responsibilities include involvement in the loan closing process, disbursement of funds, collection of repayments, upholding the terms and conditions of the loan agreement, reviewing annual job reports, drafting loan agreement amendments, and providing technical support to existing borrowers.

Existing IOLF Loan Support Inquiries: Financial Incentives, (614) 387-2117 or financialincentives@development.ohio.gov

How Much

The IOLF program may finance a minimum of $500,000 up to 75 percent of total allowable project costs.

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