Ohio Small Business Grants: A Comprehensive Guide to Financial Assistance Programs
Starting, running, and growing a business is a significant feat, especially on a shoestring budget. The good news is, Ohio offers various financial assistance programs to help local small businesses achieve their goals and boost economic growth. In this article, we’ll explore Ohio Small Business Grants, a comprehensive guide to financial assistance programs available to Ohio small business owners.
1. Ohio Small Business Grants
The Ohio Development Services Agency (ODSA) coordinates various grant programs that provide financial assistance to Ohio small businesses. These programs focus on job creation, technology innovation, and economic development. The following Ohio Small Business Grants are available to small businesses:
2. Ohio Incumbent Workforce Training Voucher Program
This grant program provides financial assistance to Ohio businesses to improve the skills of their employees. The grant covers up to 50% of the training costs, up to a maximum of $4,000 per employee, per year. The program helps Ohio businesses to remain competitive by increasing the skills of their workforce.
3. Ohio Third Frontier
Ohio Third Frontier is an economic development program that provides funding to small businesses engaged in research and development. The program’s goal is to stimulate Ohio’s innovation economy by accelerating the growth and success of technology companies. Ohio Third Frontier offers several funding opportunities, including:
– Technology Validation and Start-Up Fund: provides early-stage technology companies with funding to develop and commercialize their products.
– Innovation Fund: provides funding to small businesses to develop and commercialize innovative products and services.
– Entrepreneurial Signature Program: provides grants to support the growth of entrepreneurial communities and ecosystems across Ohio.
4. Ohio Capital Access Program
The Ohio Capital Access Program (OCAP) is a loan guaranty program that provides lenders with increased confidence to make loans to small businesses. The program guarantees up to 50% of the amount of the loan, up to a maximum of $1.5 million. OCAP helps small businesses access the capital they need to start or grow their business.
5. Ohio Minority Business Bonding Program
The Ohio Minority Business Bonding Program provides bonding assistance to certified minority-owned businesses that lack sufficient working capital or assets to obtain the bonding required for state contracts. The program provides a bond guarantee of up to 30% of the contract value, up to a maximum of $250,000.
6. Ohio Export Internship Program
The Ohio Export Internship Program helps small businesses increase their exports by providing a 50% match on the wages of an intern who assists with exporting activities. The internship program helps small businesses explore new markets, identify new customers, and increase sales.
7. Ohio Job Creation Tax Credit
The Ohio Job Creation Tax Credit provides a refundable tax credit to Ohio businesses that create at least 10 new jobs, or increase their full-time employment by at least 2% in a qualifying Ohio county. The program provides a credit of up to 75% of the employee’s Ohio income tax withheld for up to 15 years.
Conclusion
Ohio Small Business Grants offer a wide range of financial assistance programs to help small businesses start, grow, and thrive in Ohio. Whether you need funds to expand your workforce, invest in research and development, or export your products to new markets, there’s a program that can help you achieve your goals. Make sure to explore the different programs and determine which ones are best suited for your business needs. With the right funding, you can take your Ohio small business to the next level.
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