Ohio lawmakers propose small business loan fund

A pair of Ohio Democrats have proposed a $100 million loan fund to spur small business lending in the state.

Under the loan system, the Ohio Department of Development would set criteria for the loans and select two investment firms to evaluate the loan proposals.

“This program will enable banks to lend without worrying about whether the loan is going to default,” Representative Nancy Garland told Crain’s Cleveland Business.

The bill would prioritize loans based on the financial needs of the area where the business is located and the number of jobs the loan would be expected to create.

According to the MedCity News, the law would be considered “an emergency measure,” meaning it would take effect immediately after it was approved.

Republicans have also taken steps in an attempt to loosen up credit for entrepreneurs. The Columbus Dispatch reports that Republican legislators have introduced a set of 20 bills they call “The Future of Ohio” package. They say the bills would help improve the business climate, reduce taxes, and make it easier for entrepreneurs to start a corporation, but Democrats have not yet given the bills a hearing.<img title=”” src=”http://feeds.directnews.co.uk/feedtrack/justcopyright.gif?feedid=3052&amp;itemid=19791207″ alt=”ADNFCR-3052-ID-19791207-ADNFCR” />

Melissa Clark
Follow:

Melissa Clark

Head of Content & Customer Marketing at Incfile
Melissa sets the vision for Incfile's content marketing and customer relationship management. Melissa has more than 10 years experience in various marketing roles, and a passion for supporting small businesses as they incorporate and grow. She loves sharing information that will help business owners maximize their LLCs, Corporations and Nonprofits. In her spare time, Melissa is an active member of The Junior League and enjoys running half marathons.
Melissa Clark
Follow: