Bill > HB332

This bill establishes the "small defense business linked deposit program" to support businesses in Ohio's defense industry by providing them with access to reduced-rate loans. The program aims to help these businesses, including subcontractors, overcome economic challenges like limited capital and rising interest rates, which can hinder their growth and engagement in the defense sector. To qualify for these loans, a business must be headquartered in Ohio for at least five years, have at least 51% of its operations in the state, have a contract or subcontract with the armed forces or U.S. government for defense goods or services, have less than $50 million in gross receipts (total revenue) in the preceding twelve months, and be organized for profit. Eligible lending institutions, which are financial institutions capable of making commercial loans, will participate by offering these loans, and the loans must be used within Ohio to create or preserve jobs or contribute to the business's growth. The bill also makes conforming changes to existing laws related to linked deposit programs, which are state investments in financial institutions that agree to lend money to specific types of borrowers at a lower interest rate.

Business and Industry

https://www.legislature.ohio.gov/legislation/136/hb332