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JobsOhio Growth Fund Loan

Capital for the growth, established, or expansion stage

The JobsOhio Growth Fund Loan provides capital for expansion projects to companies that have limited access to capital and funding from conventional, private sources of financing. JobsOhio will consider loans to companies that are in the growth, established, or expansion stage, and that have generated revenues through a proven business plan.


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Learn More About the JobsOhio Growth Fund Loan

Decisions around the Growth Fund Loan are based on several project factors such as job creation, additional payroll, fixed-asset investment commitment, project return on investment, project location, and other factors.

Available Funding

JobsOhio Growth Fund Loans may finance certain allowable project costs, typically ranging in size from $500,000 to $5,000,000. For established and expansion stage companies, projects should receive more than half of their total financing from other private capital sources. For growth stage companies, JobsOhio may consider financing a higher portion of the project’s total investment.

Job Creation

The program requires the creation of jobs within a specified period. JobsOhio may consider providing financing for eligible projects that improve operational efficiencies or production expansion, along with the retention of jobs.

Eligible Projects

The program includes projects by companies operating in targeted industries and business functions. Ineligible projects include (but are not limited to)retail and other population driven businesses.

Eligible Costs

The JobsOhio Growth Fund focuses on fixed-asset investment by companies, including the following:

  • Land
  • Building (purchase, construction, or renovation)
  • Machinery and equipment
  • Capitalized costs directly related to a fixed-asset purchase
  • Software development


The JobsOhio Growth Fund Loan term is based upon the useful life of the allowable project costs/uses financed. The term for real estate is up to 15 years and the term for machinery and equipment is up to 10 years.

Interest Rate

The JobsOhio Growth Fund Loan interest rate is a fixed rate at closing. Interest rates are priced based on project risk and other project factors.


Applicant Contribution

The program requires a 10% minimum borrower contribution/equity in the allowable project costs and uses. The required contribution may be higher depending on the company’s financial and operating position and the project’s characteristics.

Security and Collateral

The program typically requires a senior or shared-senior lien position on project uses financed with the JobsOhio Growth Fund Loan proceeds. The program may consider a second mortgage and/or subordinate lien position on the project assets.

The program may require additional collateral or credit enhancements, including:

  • Personal guarantees from owners of the company
  • Corporate guarantees from related companies
  • Full or partial letter of credit
  • Life insurance on key business owners and/or managers
  • Other types of credit enhancement, if necessary

Disbursement of Loan Proceeds

The JobsOhio Growth Fund Loans are typically “take-out” financing of allowable project costs and uses that must be purchased with interim financing, with the JobsOhio Growth Fund Loan disbursing upon project completion. In limited circumstances, the JobsOhio Growth Fund may consider multiple draws on a reimbursement basis.

Program Costs

  • Costs related to loan closing, not to exceed $15,000.
  • Annual servicing fee equal to 0.25% of the outstanding principal amount of the loan is pro-rated and payable monthly
  • Loan servicing set-up fee


The program does not impose a pre-payment penalty.

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JobsOhio Inclusion Grant Program

Supports businesses owned by underrepresented populations across the state and/or distressed communities.

Research & Development

The R&D Investment Loan Fund provides loan financing from $500K to $5 million.

Available Resources to Fuel Economic Development

Grants, funds, loans, tax credits, and other resources are available to help companies grow. Learn more about the programs and services offered through JobsOhio and the incentives that make our state the ideal choice for development.


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