Ohio announces plans for use of its SSBCI allocation
Two funds are being created with $111 million allocated.
Ohio Governor Mike DeWine, Lt. Governor Jon Husted, and Ohio Department of Development Director Lydia Mihalik have announced two new funds that are designed to increase the availability of capital for the Buckeye State’s tech-based companies.
At about $111 million and funded from Ohio’s allocation under the federal “State Small Business Credit Initiative,” the two new funds — the Ohio Early Stage Focus Fund and Ohio Venture Fund — will help increase the amount of early-stage capital invested in Ohio technology-based companies, accelerate the growth of high-potential companies, and create a climate that supports the development, retention, and attraction of technology companies in Ohio.
“These programs will address gaps in early-stage capital as companies mature and new startups emerge, as well as for underserved communities that face barriers to accessing capital,” said Governor DeWine. “By increasing access to funds, we are ensuring that technology companies have the support they need to thrive in the heart of innovation.”
- The Ohio Early Stage Focus Fund will provide capital to professionally managed investment funds to support early-stage technology companies that are woman- or minority-owned or based in an area that has been underserved by venture capital. Organizations and private investment firms are eligible to apply for $1 million to $5 million of the more than $36 million available. More information can be found at this link.
- Ohio Venture Fund will provide investment capital to professionally managed investment funds to support Ohio technology companies with early-stage capital through Series A. Organizations and private investment firms are eligible to apply for $5 million – $10 million of the $75 million available. More information can be found here.