Sec. 166.47. (A) Upon the request of the director of | 31 |
development, the treasurer of state may invest up to one hundred | 32 |
million dollars of public money of the state with participating | 33 |
lending institutions for purposes of the small business working | 34 |
capital loan program. Each such institution shall enter into an | 35 |
agreement with the department of development that sets out the | 36 |
terms and conditions under which the institution is to participate | 37 |
in the program. As part of that agreement, the state may forego | 38 |
any accrued interest owed on the amount invested with an | 39 |
institution if the director determines it will provide small | 40 |
businesses the access to credit they need to create or preserve | 41 |
jobs in this state. | 42 |
Sec. 166.48. (A) The director of development shall select, as | 48 |
administrators of the small business working capital loan program, | 49 |
not more than two private, for-profit Ohio-based investment firms | 50 |
to accept, review, and approve applications for loans from | 51 |
eligible businesses and to otherwise administer the program. The | 52 |
director shall select program administrators only after soliciting | 53 |
and evaluating requests for proposals as prescribed in this | 54 |
section. | 55 |
(B) The department of development shall publish a notice of a | 56 |
request for proposals in newspapers of general circulation in this | 57 |
state once each week for two consecutive weeks before a date | 58 |
specified by the department as the date on which the department | 59 |
will begin accepting proposals. The notices shall contain a | 60 |
general description of the subject of the proposed agreement and | 61 |
the location where the request for proposals may be obtained. The | 62 |
request for proposals shall include all of the following: | 63 |
(B) Upon the approval of a loan application, the program | 99 |
administrators shall submit all necessary information to a | 100 |
participating lending institution at which the treasurer of state | 101 |
has invested public money of the state for purposes of the small | 102 |
business working capital loan program. That information shall | 103 |
include the amount and terms of the loan and any other information | 104 |
determined by the director. A program administrator may commit its | 105 |
own capital as part of the aggregate amount loaned to an eligible | 106 |
business under the program. | 107 |
(C) The program administrators shall be responsible for | 108 |
monitoring compliance with all loan-related documents, as well as | 109 |
documenting the manner in which loan recipients are using the | 110 |
working capital loan funds. The program administrators shall | 111 |
submit monthly reports to the director that cover the total number | 112 |
of loans made under the program and the number that are in | 113 |
default; the number of loans made to minority business | 114 |
enterprises, women's business enterprises, and EDGE business | 115 |
enterprises; the progress made by the program in meeting the goal | 116 |
established by the director under division (C) of section 166.50 | 117 |
of the Revised Code; how the loan funds are being used; the number | 118 |
of jobs created or preserved in this state as a result of the | 119 |
loans; the overall progress of the program; and any other | 120 |
information determined by the director. | 121 |
(A) Establish the criteria that must be met by an eligible | 125 |
business in order to receive a loan under the program. In | 126 |
determining those criteria, priority shall be given to the | 127 |
economic needs of the area in which the business is located, the | 128 |
number of jobs to be created or preserved in this state by the | 129 |
receipt of a loan, and such other factors related to the overall | 130 |
economic welfare of the state as the director considers | 131 |
appropriate to determine the relative financial need of the | 132 |
eligible business. The director shall also establish the minimum | 133 |
and maximum amounts that may be loaned to, and the maximum credit | 134 |
risk of, eligible businesses under the program. | 135 |
(B) Prescribe the loan application form to be used by | 136 |
eligible businesses for purposes of the program. On the loan | 137 |
application an eligible business shall be required to certify that | 138 |
the loan will be used to create new jobs or preserve existing jobs | 139 |
and employment opportunities in this state and to acquire tangible | 140 |
personal property to be used in the business. Whoever knowingly | 141 |
makes a false statement concerning such application is guilty of | 142 |
the offense of falsification under section 2921.13 of the Revised | 143 |
Code. | 144 |
Sec. 166.51. The director of development may use, as part of | 153 |
the small business working capital loan program, any federal money | 154 |
made available to the state for the purpose of providing working | 155 |
capital assistance to small businesses. In the event the federal | 156 |
money is required by the federal government to be used in a manner | 157 |
other than as prescribed by sections 166.45 to 166.50 of the | 158 |
Revised Code, the director of development may modify the small | 159 |
business working capital loan program set forth in those sections | 160 |
in order to meet the federal guidelines. | 161 |