JobsOhio Inclusion Grant Renewed
We are excited to share that the JobsOhio Inclusion Grant has been renewed for 2021! In 2020, 16 companies in Southwest Ohio were able to secure funding commitments via this program (with several dozen more throughout Ohio). With the new round of funding open, REDI Cincinnati wanted to educate you on a few small changes that have been implemented compared to the program’s first phase in 2020:
- The annual budget for the program (beginning in the 2021-2022 fiscal year) increases from $5M to $8M
- The program is re-opened immediately with an additional $3M through June 30th, 2021.
New eligibility requirements include:
- There is a revenue cap for interested businesses of $25M annually (new).
- There must be employment or payroll growth of at least 10% as a result of the company’s project (new).
- New jobs to the company must have a minimum average wage rate of $10.88/hour (new).
- No company will be eligible for additional JOIG funding for new projects during the term of their agreement (3-years).
- Companies must still meet the previously established criteria:
- Must be in or support a JobsOhio targeted industry sector.
- Retail or other population-based businesses are not eligible.
- B2B service providers to targeted industries are eligible.
- A business must demonstrate a need for support to help the project move forward.
- The company must have been in operations for at least one year before being eligible, with annual revenues of at least $100,000.
To qualify for the Inclusion Grant, a company must be owned by an underrepresented population – which includes consideration of geographic location, race, ethnicity, gender, veterans, and those with disabilities – or it must be located in a qualified distressed community as defined by the Economic Innovation Group. The grant may be put towards eligible costs including fixed asset investment in machinery and equipment, real estate investments and training costs, among other items.
If interested in learning more about the program, qualifying for the grant or have questions on the process to obtain support, please reach out to Ian Smith at email@example.com or myself, Cierra Clymer at firstname.lastname@example.org.
More information can also be found here: https://www.ohioforbiz.com/e/131921/why-ohio-inclusion-grant-/612g18/651864353?h=j3V_YE0_Kp5vXUuXxQsTvMhsPx_4QMfmdtqpNXnmug4.
Your Partner in Growth,
P.S. For more first-hand testimonials from our Inclusion Grant Recipients, visit: https://www.ohioforbiz.com/e/131921/31C6HOT/612g1b/651864353?h=j3V_YE0_Kp5vXUuXxQsTvMhsPx_4QMfmdtqpNXnmug4
3 East Fourth Street, Suite 301, Cincinnati, OH 45202
Phone: (513) 579 -3103