Innovation Ohio Loan Program provides loans for acquisition, construction, and related costs of technology, facilities, and equipment purchase. The Ohio Department of Development’s (Development) IOF Loan is targeted at companies having difficulty securing funds from conventional sources due to technical and commercial risk factors associated with the development of a new product or service. The IOF Loan may finance up to 75% of allowable project costs with loans ranging in size from $500,000 to $1,500,000 and a term period of 4 to 7 years.
The Innovation Ohio Loan Fund targets industry sectors involving the production or use of:
• Advanced Materials;
• Instruments, Controls and Electronics;
• Power and Propulsion;
• Biosciences; and
• Information Technology.