Typically the Growth Capital blog highlights programs and topics that we feel small business owners should consider utilizing for their own growth and development. But this month we want to take a higher-level look at development initiatives happening across the state. Ohio is rich with opportunities for community development, but accessing the necessary funds to fuel these initiatives can often feel challenging. Luckily, with the right knowledge and resources, communities can tap into various funding programs to drive economic growth, foster revitalization, and enhance the quality of life for residents. In the Buckeye State, the Ohio Department of Development is the main driver of economic and community development.
The Ohio Department of Development
The Ohio Department of Development (ODOD) is dedicated to fostering economic growth, creating jobs, and enhancing the quality of life for Ohioans. With a focus on strategic investments and partnerships, ODOD works to support businesses, local governments, and communities across the state. Their priorities include workforce development, infrastructure investment, and community revitalization. By promoting innovation, collaboration, and equity in economic development initiatives, ODOD aims to drive sustainable progress and prosperity for all Ohioans.
Community Development Programs in Ohio
One avenue for financial support provided by ODOD is the Community Development Finance Fund Program (CDFFP). This program provides financing to support projects that stimulate economic development, create jobs, and improve infrastructure in local communities. From small businesses to non-profits, the CDFFP offers loans and grants tailored to meet diverse needs. Regardless of what a community is seeking funds to improve, this program offers a range of financial products designed to address community-specific challenges. For instance, the program provides low-interest loans to support business growth and job creation, helping entrepreneurs realize their vision and bolstering the local economy.
In addition to loans, the CDFFP also offers grant programs targeted at critical community needs. These grants are instrumental in funding projects that may not qualify for traditional financing or require additional support beyond what is traditionally available. By investing in initiatives such as workforce development and affordable housing—among other community-oriented goals—the CDFFP fosters inclusive growth and ensures that no community is left behind.
Another valuable resource for community development in Ohio is the Finance Fund, which is an organization committed to driving social and economic change by helping to address challenges faced by communities across the state. One of their notable programs is the Grants Program, which provides financial assistance to organizations working on projects related to economic development, education, health, and housing. What sets the Finance Fund apart is its focus on innovation and collaboration. They partner with government agencies, charitable organizations, and private investors to maximize impact. We want to highlight an important aspect of the Finance Fund’s Grants Program—its commitment to equity! By prioritizing projects that serve underserved communities, the program helps bridge the gap in access to resources and opportunities, ensuring that all Ohioans can participate in and benefit from economic development initiatives. This collaborative approach is critical in amplifying the reach of funding programs and helps the ODOD achieve its mission of empowering communities to succeed!
In addition to these statewide initiatives, the Ohio Housing Trust Fund (OHTF) plays a crucial role in supporting affordable housing and community development efforts. The OHTF provides grants and loans to developers, non-profits, and local governments to create and preserve affordable housing across the state. By investing in safe, decent, and affordable housing, the OHTF not only meets a basic human need but also lays the foundation for vibrant and inclusive communities where individuals and families can thrive! Also, the OHTF prioritizes projects that incorporate sustainability and energy-efficiency principles, which we discussed the importance of in last month’s blog!
Learn More from Growth Capital
We’d love to chat more about the importance of economic development and how your small business can play a big role in growing and sustaining your community! Our team of experienced and dedicated professionals can walk you through loan programs and funding options that are right for your small business to grow and thrive. Contact us today to learn more!