The Innovation Ohio Loan Fund (IOLF) is intended to provide capital to Ohio companies with limited access to capital and funds from conventional financing sources due to the risks associated with the development of new products or services.
The IOLF promotes assistance to existing Ohio companies in developing next generation products and services within certain Targeted Industry Sectors. The IOLF addresses an identified need in the capital-funding continuum.
The IOLF is intended to support the growth capital needs of established Ohio companies that have: minimum of two years of operating history and revenues generated, developed a proven product for a proven market, have customer orders and reasonable prospects for rapid sales growth, have attracted third party capital and has reasonable prospects of continued backing from such investors; the program may require additional investment in the company as a condition to an IOLF.
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. Responsibilities include: involvement in the loan closing process, drafting loan agreement amendments, disbursement of funds, collection of repayments, upholding the terms and conditions of the loan agreement, reviewing annual jobs reports and providing technical support to existing borrowers.
ODSA Existing IOLF Loan Support Inquiries: Keena Ridley, (614) 466-4273
An IOLF loan may finance up to 75 percent of allowable project costs with loans typically ranging from $500,000 to $1,500,000.
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