This month, the Ohio Department of Development, in collaboration with the Ohio Department of Taxation, launched InvestOhio. The $100 million tax credit program helps small businesses get the funds from investors they need to grow, succeed, and create jobs.

“We were hearing from small businesses here in Ohio that they were having trouble getting access to capital,” explains Matt Sutherland, senior tax incentive specialist with the Ohio Department of Development. “The program creates incentive for investors to invest in small business.”

Through InvestOhio, investors can invest up to $10 million in eligible small businesses in exchange for a 10 percent income tax credit for investments held for two years. Eligible small businesses must have less than $50 million in assets or less than $10 million in annual sales.

There are 900,000 small businesses in the state. Investment in small business through this program is expected to generate $1 billion in new private investments in small businesses by 2013.

“There are a lot of small businesses waiting to take off, and we’re happy InvestOhio is the catalyst to move forward,” says Sutherland. “If every small business added even a moderate number of jobs it would be a significant impact on Ohio’s economy.”

Source: Matt Sutherland
Writer: Karin Connelly