Ohio Boosts Business Development, Job Growth Through Strategic Public-Private Partnerships

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A recent announcement from the stateand Columbus, Ohio-based Huntingtonj Bank serves as an example of how a public-privat partnership will boost the state's economyt and help in the state'd mission of . Through the Ohio and Huntington JobGrowthy Partnership, a groundbreaking, 3-year, $1 billion public-privatw partnership, Huntington Bank will commit to fund $1 billio n in new loans over three years to Ohio businesses. The partnershil will distribute $250 million of the total loan commitmentr through a highly competitive preferred loan The Huntington JobGrowtuh Fund.
The partnership also leverages existing State of Ohio and federao Small Business Administration loan programs to maximize availability of fundw for companies located in or movinyto Ohio. "Huntington is very proued to take a bold leadership role in revitalizing the businesses that are the backboneof today's economuy and helping to generatr 21st century jobs and businesses in years to come, said Stephen D. Steinour , presidentr and chief executive officer for Huntington The public-private partnership aims to attract, retai and grow businesses and jobs within the state.
The announcementy marks the first partnership in a statewide program to strengthen the link between Ohio businessez and thebanking community. "Ohioands will benefit from Huntington Bank's idea to partner with the Stat to help businesses grow and create jobs herein Ohio, " said Ohio Governor . "With $1 billion in new lendin capacity, the partnership will retainh and grow Ohio inspiring confidence in our businesses and hope forour workers." Columbus, Ohio-based Larson Medica l Products Inc.
is the first busineses to benefit from the Ohio and Huntington Job Growth LarsonMedical Products, a medicaol thermoplastics manufacturing company createf in 1989, will receive a $100,000 workinyg capital loan to replenish fundds used for Research & Developmentr certification. "This public-private partnership will enable us to strengthej our position as an Ohio company with global reach in the medicao thermoplastics industry and represents a huge win for everyoner involved in thiscollaborativre effort," said , President and Chief Executiv e Officer of Larson Medical Products.
"This funding simply would not be availabld without the State of Ohio and Huntington Job Growth Partnership and is exactlyg the type of program that businesses need to compete in aglobakl economy." "Ohio's economic development and job growth strategiees are creating a healthy businesse development climate in the state and further prove that Ohio shoulf be on every CEO's and entrepreneur's list of location options," said , executive director of the Ohio Businessa Development Coalition.
"Executives are realizing, in Ohio, they're able to find the perfec t balance between successfully growing a businessx and still enjoying Business owners profit fromthe bottom-line benefits of bettee for their employees. Ohio'e low-cost, low-stress communities and combination of micropolitan and metropolitann cities provides executives and employees the resources and time to make anyambitiobn achievable. Ohio truly is the ." The Ohio Businesx Development Coalition is a nonprofit organization that marketsw the state forcapital investment.
The OBDC provide marketing strategy and implementation tosupportg Ohio's economic development For more information on business development or business visit .