| By Dave Harding, ProgressOhio - Sep 24th, 2008 at 2:25 pm EDT |
Thousands of Ohio jobs created or retained and more to come
(Columbus) – Ohio Treasurer Richard Cordray today released a six-month executive summary of GrowNOW, the Treasury’s revamped economic development program. According to the report, more than 881 Ohio small businesses have received a financial boost since the program’s re-launch in February 2008, resulting in the creation or retention of 7,591 jobs.
The once floundering program has injected more than $200 million into Ohio’s economy for a two-year rolling period. This financial assistance provides additional cash flow for small businesses, which in turn allows them to create and keep jobs here in Ohio.
“We have $500 million available through GrowNOW to sustain and create jobs,” said Cordray. “Our goal is to make good use of every available penny. I would encourage all small business owners to look at our program and consider it in their business model.”
Upon taking office in January 2007, Cordray dusted off the 25-year old program and revamped it to address current economic needs. At the time, only $23.5 million of the $500 million legislatively allocated was in use. Cordray doubled the job-to-dollars ratio from $25,000 per job to $50,000 per job, and increased the total borrowing amount from $250,000 to $400,000 per business.
Historically, the linked deposit program has touted success stories such as Donatos Pizza (1984), Velvet Ice Cream (1994), Kahiki Foods (1994) and MID’s Pasta Sauce (1998). This year is no exception with four participating businesses named among Inc. Magazine’s Fortune 5,000: Celina Tent, Crimson Cup Coffee and Tea, Captiva Direct, and Statewide Emergency Products.
Eligible small businesses must be organized for-profit with fewer than 150 employees. Their offices and operating facilities must be in Ohio.
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