About this programme
The Innovation Ohio Loan Fund (IOF Loan) is a JobsOhio program that finances existing Ohio companies developing next-generation products or services in target sectors: Advanced Materials, Instruments & Controls, Power & Propulsion, Biosciences, and Information Technology.
It is aimed at companies whose technical or commercial risk limits their access to conventional financing, but that already have a proven product in an established market and are likely to attract additional third-party capital.
How it works
Loans range from $500,000 to $1,500,000 and can cover up to 75% of allowable project costs. The applicant must contribute a minimum of 25% of allowable project costs in cash; in-kind contributions such as labor or equipment do not count toward this share.
Loan terms run 5 to 7 years, or are matched to the useful life of the financed assets, with the interest rate fixed at closing. JobsOhio charges a commitment fee of 1.75% of the loan amount (capped at $17,500), an annual servicing fee of 1% of the outstanding principal billed monthly, and a participation fee of 10% of the maximum drawn principal, due at maturity.
Eligible project costs are those qualifying under generally accepted accounting principles (GAAP) for the target sectors above.
Who can apply
The company must have at least 2 years of operating history with revenue already generated, and be developing next-generation products or services in one of the target sectors. It must have limited access to conventional financing because of technical or commercial risk, but a proven product for an established market with existing customer orders and strong sales growth prospects.
The project must involve a minimum of $3 million in new cash investment by the company. Retail operations are not eligible for the IOF Loan.
Frequently asked
How much can I borrow and how much of my project does it cover?
Loans range from $500,000 to $1,500,000, covering up to 75% of allowable project costs; you must contribute the remaining 25% or more in cash.
How long is the loan term?
5 to 7 years, or matched to the useful life of the assets being financed, with the interest rate fixed at closing.
What fees does JobsOhio charge?
A 1.75% commitment fee (capped at $17,500), a 1% annual servicing fee on outstanding principal billed monthly, and a 10% participation fee on the maximum drawn principal, due at maturity.
Does my company qualify if it's pre-revenue?
No. The program requires at least 2 years of operating history with revenue already generated and a proven product for an established market.
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Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.