Ohio grants over $87M to Help women & Minority-Owned Tech Businesses

By: GWL Team | Wednesday, 8 May 2024

Ohio is handing out $86 million to private investment funds in federal taxpayer money in order to be passed on to early-stage tech companies which are women-owned/minority-owned/in underserved areas backed by venture capital.

The funds come from State Small Business Credit Initiative Venture Capital program that is funded by federal. According to Lydia Mihalik, the Director of Ohio Department of Development, the money aids in leveling the playing field.

She said, “These awards will help spur innovation by fostering a diverse entrepreneurial ecosystem and accelerating the growth of high-potential companies. By directing these funds to historically under-represented founders and tech-focused companies, we’re leveling the playing field and ensuring everyone has a chance to succeed in the heart of innovation.”

Additionally, Lt. Gov. Jon Husted added, “Ohio was awarded these federal funds, and so we have the responsibility to invest them wisely. The strategy is to help leverage private dollars for small businesses that have a difficult time attracting early-stage investors with the aspiration of building a new generation of businesses in underserved communities.”

Those funds comprising of $86 million of Ohio shall go to 11 professionally managed funds that are supposed to be invested in companies focused health care, manufacturing and food technologies.