There are only a couple of weeks left until the African American Chamber’s 13th Annual fundraiser, Shark Pool! Presented by Horseshoe Casino Cincinnati and TriHealth, we will once again borrow from the ABC TV show, Shark Tank, to create an exciting event where minority-owned businesses will compete for an opportunity to secure funding to start or advance their business ideas. Special guest Earl G. Graves Jr., President and CEO of Black Enterprise, will lead a panel of local investors as they listen to five entrepreneurs present their business ideas and try to convince the “sharks” to invest in their businesses. The event will take place on Friday, September 27 from 6 – 9PM at the Sharonville Convention Center. Purchase your tickets today!
The Ohio Development Services Agency is launching round two of the Ohio Incumbent Workforce Training Voucher Program
A pre-application is now available beginning September 4, 2013 for businesses who want financial help to train their current workforce. $27 million in grants will be awarded on a first-come, first-served basis. Applications for the grant program will be accepted for review on September 30, 2013 beginning at 10:00 a.m.
Please visit our website at http://development.ohio.gov/bs/bs_wtvp.htm to review the guidelines and application instructions for this program and to access the pre-application.
Below, find answers to some of our most frequently asked questions. For additional assistance, contact Shannon Vanderpool at (614) 644-8560 or Shannon.Vanderpool@development.ohio.gov, Jennifer Spohr at (614) 466-4184 or Jennifer.Spohr@development.ohio.gov or Ted Kalo at (614) 644-6655 or Ted.Kalo@development.ohio.gov.
Answers to some frequently asked questions:
Who is eligible to apply for the Ohio Incumbent Workforce Training Voucher Program?
An eligible employer is one who operates as a for-profit entity in a state-designated targeted industry, with a facility located in Ohio that has been in continuous operation for the 12 months immediately prior to the application submittal. Targeted industries are: Advanced Manufacturing, Aerospace and Aviation, Automotive, BioHealth, Corporate Headquarters, Energy, Financial Services, Food Processing, Information Technology and Services, Polymers and Chemicals, Back Office, Logistics, or Research and Development. The company’s NAICS code (http://www.naics.com/search.htm) will determine eligibility as to the targeted industry.
How will the Voucher for the program be awarded?
Vouchers will be awarded in the form of a Voucher Agreement between the Ohio Development Services Agency and the employer. The program will be administered on a first-come, first-served basis until all of the available funds are committed. After that time, applications will still be accepted and retained in a “queue” in the event that additional program funds become available.
The program allows for up to $4,000 per employee per fiscal year. What is the timespan of the fiscal year?
The state of Ohio fiscal year runs July 1 through June 30. Please note, however, that the training period for this program will be between August 1, 2013 and June 30, 2014.
The program allows for $250,000 per employer per fiscal year. How is that calculated?
Each employer (identified by Federal Employee Identification Number/FEIN) will be eligible for up to $250,000 in assistance per fiscal year. The Voucher Agreement and any Supplements to the Master Voucher Agreement issued to an employer during the fiscal year, aggregated throughout all of its State of Ohio locations, will be included in this calculation. Please note that only one application per employer will be accepted per program year. If an employer has multiple sites, those sites must work together to submit the one application. An application may include multiple employees and multiple training courses.
What is the employer reimbursement amount for this program?
We will reimburse the employer for up to 50 percent of the cost of the training (up to $4,000 per employee and/or up to $250,000 per company) once the employer pays the full cost of the training. The employer’s contribution must come from private sources and cannot include any previously acquired public funds. The match does not include wages.
After the application is submitted, how long does an employee have to begin the training?
Training must begin August 1, 2013 or later and must be completed by June 30, 2014.
When can the employee training begin?
While the Effective Date of the Agreement will be August 1, 2013, any costs incurred or monies expended by the applicant on the project prior to final approval and the execution of the written agreement, is done at the applicant’s own risk. Applicant’s decision to go forward does not obligate the State of Ohio to provide state assistance that has not received all required approvals or has not been memorialized in a written agreement between the applicant and the state of Ohio.
All training must begin August 1, 2013 or later and must be completed by June 30, 2014.
Does reimbursement apply even when the company has a tuition reimbursement program as part of its benefit package? Do the courses have to be strictly related to the business?
The OIWTVP will provide reimbursement funds for tuition courses when the course meets the needs of the applicant company. Therefore, the course must be required by the company and be job related, regardless of the requirement for a degree. Tuition courses which are for the sole purpose of obtaining a Bachelor’s or Master’s degree are not eligible for this program.
Visit our Capital Page for links to various State of Ohio loan, incentive, and grant programs in addition to a great article on sources of microloans and crowdfunding.