Senate Passes Peterson Bill Supporting Rural Small Business Growth

COLUMBUS—State Senator Bob Peterson (R-Washington Court House) announced that earlier this week the Ohio Senate passed Senate Bill 362, which would reauthorize the Rural Business Growth Program and increase the total amount of nonrefundable tax credits available to insurance companies who invest in these funds.

“Our Ohio small businesses are the lifeblood of our communities. By renewing this successful program, we encourage investment in their growth and provide small businesses with access to affordable capital,” Peterson said. Originally passed in 2017, the Ohio Rural Business Growth Act incentivized $75 million of private capital to be raised for investment in small businesses located in Ohio’s 75 rural counties with populations under 200,000.

While Ohio entrepreneurs remain resilient, many are currently struggling. To prevent a wave of unnecessary and devastating closures and to encourage growth, Senate Bill 362 provides small businesses with access to affordable capital. Ohio small businesses are real companies, run by real people, and their impact is pronounced in our communities. This legislation was vital to pass and will continue to help small businesses immediately by giving them 100% of available capital within the first 24 months.