Governor John Kasich signed an executive order Monday to "implement a new program that encourages investment in small businesses," an article in Gongwer reports. The Ohio Department of Development, in collaboration with the Ohio Department of Taxation, will immediately establish InvestOhio, a $100 million program created in the last budget bill (HB 153), that will encourage "investments of up to $10 million in eligible small businesses in exchange for a 10 percent income tax credit for investments held for two years," a news release from the Ohio Department of Development said. To qualify, small businesses must have less than $50 million in assets or less than $10 million in annual sales.
The executive order indicates that this program will assist small businesses that have difficulty securing capital to expand or sustain their businesses in tough economic times, which could in turn create more jobs and economic growth for Ohio. The rules establishing the program takes effect immediately.
InvestOhio will have a two-phase application process with registration beginning November 14, 2011. "To help guard against fraud, both investors and small businesses must register through the Ohio Business Gateway," the release said.
For more on the InvestOhio program, including links to the program's rules and tutorials, read here.
