On March 12, 2025, the Ohio Legislature introduced Senate Bill 145, aimed at bolstering rural business growth through a structured investment program. The bill outlines a framework for establishing two distinct rural business growth funds, each with a cap of $75 million in eligible investment authority and $45 million in credit-eligible capital contributions.

The primary purpose of Senate Bill 145 is to stimulate economic development in rural areas by providing financial incentives for investors. To participate, investors must submit an affidavit detailing their credit-eligible capital contributions, along with a nonrefundable application fee of $5,000. The Ohio agency responsible for overseeing the program is mandated to review applications within 60 days, ensuring a timely response to potential investors.

Key provisions of the bill include strict limits on the total amount of investment authority and contributions, which are designed to manage the program's financial scope and ensure equitable distribution of resources. The agency will process applications in the order they are received, with simultaneous submissions treated as equal.

While the bill has garnered support for its potential to invigorate rural economies, it has also sparked debates regarding the adequacy of funding and the effectiveness of such programs in addressing the unique challenges faced by rural businesses. Critics argue that the limitations on funding may hinder the program's ability to make a significant impact.

The implications of Senate Bill 145 extend beyond immediate economic benefits; it reflects a growing recognition of the need for targeted support in rural regions, which often struggle with access to capital and investment. Experts suggest that if implemented effectively, the bill could serve as a model for similar initiatives in other states, potentially reshaping the landscape of rural economic development.

As the legislative process unfolds, stakeholders will be closely monitoring the bill's progress and its potential to foster sustainable growth in Ohio's rural communities.