JobsOhio is the state of Ohio’s private sector economic development corporation. The organization operates off of the state’s liquor profits and is one of the best funded state economic development organization in the United States.
JobsOhio announced a substantial state economic development response to COVID 19. JobsOhio announced initiatives aimed at helping existing JobsOhio clients as well as modifications to some current programs and the creation of temporary programs to provide flexibility and support cash needs of small to medium sized businesses. JobsOhio outlined actions they have already taken aimed at alleviating financial burdens and other program modifications due to the COVID19 outbreak, in addition to a number of programs and initiatives they are preparing to take or have organized to support businesses in the state that include:
Statewide Liquor Buy Back. JobsOhio execute an alcohol buy-back initiative allowing bars, restaurants, and F2 permit holders (non-profits) to return surplus product purchased in the last 30 days for a full refund upon return of their supply, this buy-back has a potential of providing restaurant and bar owners across Ohio up to $30 Million total savings, and nearly 800 buyback requests have been made to-date.
Loan Portfolio Interest and Payment Holiday. JobsOhio is offering a program for businesses with a current JobsOhio’s existing loan only that offers a payment deferment (no interest and no principal payments) for the next six months to fifty companies who are eligible, with over 9,500 employees around Ohio;
Program & Policy Adjustments. JobsOhio is offering a program for existing JobsOhio client businesses only that expands allowable expenses and near-term relaxed compliance audit allowing expenses such as work from home technology and equipment and services to implement guidance associated with COVID-19;
Market Research, Analysis & Reporting / Resources and Communications. JobsOhio offered to provide an Economic Impact Memo to broad based statewide stakeholders several times a week to with updates on global, national, and Ohio economic/Coronavirus-19 trends and is launching a marketing campaign to amplify guidance from the Administration, emphasis on business compliance, best practices and “good news” from Ohio!;
Workforce Retention Loan. JobsOhio is offering a program for existing JobsOhio client businesses only to provide forgivable, six-month interest-free loan to companies who would use the loan to retain their workforce {this would act as a credit line for payroll that is targeted to medium size private companies with least $50,000/month in hourly payroll workers, after 6-months, if employees are still working, the loan is forgiven, and JobsOhio will invest up to a $100 Million;
Community Banks Partnership Pilot. JobsOhio is planning a program for small business in Ohio’s small communities in partnership with 2 Ohio community banks to support their existing loan portfolio with JobsOhio investing up to $50 Million in loan guarantees enabling partnering banks to extend $500 million more business lending across the state with almost all the businesses supported will likely be OUTSIDE of the current JobsOhio client portfolio;
Air Service Restoration. JobsOhio is allocating up to $10 Million to support Ohio’s air service and airport infrastructure to uniquely position the state to jumpstart service in key business markets; and
Port Authority Reserve Fund. JobsOhio is planning to invest up to $50 Million of reserve funds to backstop Ohio’s Port Authorities, and they anticipate this investment will result in over $250 Million of additional Port Authority investment activity across Ohio.
JobsOhio launched a Personal Protective Equipment and medical supply program, including:
Distillers/Hand-Sanitizer Production and Distribution. Several Ohio distillers have started making alcohol-based hand sanitizer which is in heavy-demand across the state, JobsOhio Beverage System has purchased 500 cases (22,000 individual bottles) and is distributing them to Ohio’s 12 Food Banks across the state with its built-in logistics and transportation network;
PPE {Personal Protective Equipment} Database. The JobsOhio Business Sector & Research Team created a robust database of PPE manufacturers, distributors, and other FDA-approved entities and shared with Strike Force and stakeholders like the OMA, Ohio’s OEMA, and others as a resource;
CROCS Sandals Donation. JobsOhio connected stakeholders resulting in donation of 14,000 pairs of CROCS through the Greater Dayton Area Hospital Association for health workers and patients;
Purchased 1 Million N95 MASKS. JobsOhio approved $4.5 Million to purchase of 1 Million N95 masks to support front-line medical professionals around Ohio’s healthcare system; and
Fuyao PPE-Donation Facilitation. JobsOhio connected Fuyao efforts to donate 1.2 Million disposable medical masks, 10,000 KN95 masks, & tens of thousands of protective clothing, shoe covers, and medical goggles, and connected Cardinal Health to support logistics, taxes and import fees of over $50K.