In a year when financial constraints led many states to scale back on economic development because of financial constraints, Ohio made significant investments to move its economy forward. The Buckeye State has allocated more than $15 billion towards innovation, job-ready sites, growth capital, broadband access and more. Ohio demonstrated the second-fastest recovery to pre-Covid-19 conditions in the region. And, of course, it came through with one of the biggest potential wins in recent economic-development history, with Intel’s promise to invest as much as $100 billion in the state in the next decade.
Job Creation Tax Credit (JCTC): Offers a refundable and performance-based tax credit calculated as a percentage of created payroll for businesses that create at least 10 jobs in three years with a minimum payroll of $660,000.
The Research and Development Investment Loan Fund: Offers loans of up to $5 million to projects engaged in R&D activity and a dollar-for-dollar, nonre- fundable commercial activity tax credit for principal and interest payments up to $150,000 during the loan term.
The Innovation Ohio Loan Fund: Offers loans of up to $1.5 million, covering up to 75% of construction, technology, facilities and equipment purchases.
The Ohio Department of Development launched the International Market Access Grant for Exporters (IMAGE) to help small businesses get started or expand existing export initiatives. IMAGE provides eligible businesses a 50% reim- bursement of up to $10,000 on $20,000 in expenditures for activities that promote international business.