While all of the details of the entire budget plan have NOT been approved by the Ohio Third Frontier Commission as detailed in this document, all of the entrepreneurship programs have been approved as of this meeting.
Important takeaways for JumpStart and the entrepreneurial ecosystem from this information can be found on pages 9-19 including:
- An increase of 2-3x the amount of resources available from the state – all of which require a 1:1 match from non-state resources
- $76M total for entrepreneurship support
- $40M for entrepreneurial services, these resources are only available for the six regional ESP’s including JumpStart (over two years)
- $36M in investment activities
- $1M for micro funds ($5-25k loans)
- $25M for pre-seed and seed funds, up to $3M per fund (up from $2M per fund and this is what JumpStart has typically accessed in the past)
- $10M for growth funds ($5M investments in 2 funds that would have to be at least $20M in total capital to invest
This is all great news for entrepreneurs in Ohio
