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Need Financing to Develop Products? Ohio Wants You!
COLUMBUS, Ohio -- Companies that need financial assistance to develop new products should look to the Innovation Ohio Loan Fund, state officials advise. "The Innovation Ohio Loan Fund is available to provide financing for established Ohio firms in need of capital for the development of new, innovative products," says Bruce Johnson, director of the state Department of Development. The fund provides helps companies develop projects that will generate new high-value jobs in targeted industry sectors. Interested parties may apply for funding through Aug. 2. Projects will be selected on a competitive basis, Johnson said.The Innovation Ohio Loan Fund was created as part of Gov. Bob Taft's Third Frontier Project. The fund can finance up to 75% of a project's allowable costs from $250,000 to a maximum of $5 million. The fund will not provide funding to refinance existing debt obligations.Targeted industry sectors include advanced materials; instruments, controls and electronics; power and propulsion; biosciences; and information technology. The fund's initial capitalization is $50 million, and ultimately will be a $100 million revolving loan fund, Johnson said.For information, visit www.thirdfrontier.com."