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Senators propose fourth tier for rural business growth program, setting $150 million investment target for Appalachian counties
Summary
Senate Bill 110 would reauthorize Ohio’s rural business growth program with $150 million of private investment authority, a $90 million state tax-credit contribution, and a new fourth tier targeting the state’s 32 Appalachian counties; sponsors described clawbacks, reporting requirements and timelines to safeguard public investment.
Senators introduced Senate Bill 110 to reauthorize Ohio’s rural business growth program and create a fourth tier specifically for the state’s Appalachian counties, sponsors told the Senate Ways and Means Committee.
Sponsor testimony from Senator Serino and Senator Chavez said the bill would establish an additional $150,000,000 of investment authority, with the state contributing $90,000,000 in nonrefundable tax credits and safeguards intended to ensure investments serve rural communities. "This is really important for the rural counties," Senator Serino said, describing Appalachia as "part of the state that is simply not participating in economic growth like we are in other parts of the state." Senator Chavez said the measure would help address gaps in financing that prevent small rural businesses from accessing bank credit.
The sponsors reviewed the program’s history: the original Ohio Rural Business…
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