Daily News
The JobsOhio Small Business Grant provides financial support for eligible projects in designated distressed communities and/or for businesses owned by underrepresented populations across the state. Projects require a commitment over a three year window and will be defined by an appropriate combination of the following metrics: fixed asset investment, job and payroll creation, job and payroll retention, employees trained and training costs. Eligible projects that improve operational efficiency along with job retention will be considered for support.
Company eligibility requirements:
- Project is located in a qualified distressed zip code and/or is a business owned by an unrepresented population
- Project is in targeted JobsOhio industry sector:
- Services providers can qualify but must offer B2B services supporting JobsOhio targeted industries.
- Retail, restaurant, and B2C population driven businesses are not eligible
- Company will pay employees at least the federal minimum wage
- Project is financially feasible based on required investments and company financial standing
- Company has at least 1 year of operating history and revenues of at least $100,000
Please note that JobsOhio will typically not fund more than 50% of the total eligible investment. The grant will require a commitment and executed agreement by the company to secure the funds. The company will want to capture the total achievable within a 3 year window for jobs (FTE), payroll and investment.
The program is “reimbursement” based meaning you must incur costs first. The reimbursement process however is extremely quick upon request for reimbursement and providing proof of payment. The below items are all eligible for reimbursement upon review.
- Building: new construction, purchase of existing building, lease hold improvements, renovation.
- Machinery and Equipment: purchase of new machinery
- Moving and relocation costs of machinery and equipment related to the project including freight shipping furniture and fixtures, tooling etc.
- Lease Payments
- Construction of roads, bridges, traffic control devices, parking lots, and facilities; and utility infrastructure such as natural gas and electric
- Improvements to rail access
- Technological improvements, information technology, hardware, industry specific software, fiber optics, instruments and controls
- Utility improvements electrical infrastructure, substation, redundant power, gas line
- Site Development: site preparation, delineation, wetland mitigation, demolition
- Fees and material costs related to planning and feasibility studies
- Software development
- Revitalization Costs: Demolition, Building renovation, Environmental testing and lab fees, Asbestos abatement, lead based paint abatement
- Land: purchase of land and right of way
- Trainer and Trainee Wages for on the job training of new or existing employees.
The program is $5M annually across the entire state and maxed out at $50K per project. JobsOhio typically will not fund more than 50% of eligible investment. So technically in order to secure $50K grant the company will likely be required to invest a minimum of $100K in eligible buckets.
There is no initial application for the program. The company will need to engage with REDI and we will vet the opportunity and take through our approval processes. The company will only be asked to submit an application once they have received a formal offer letter and agree to the terms. This application will come electronically to their emails. Should take no more than an hour or two as majority of the information will be pre populated with information REDI has already collected.
For more information contact Cierra Clymer at cclymer@redicincinnati.com or REDI Cincinnati.