Honda-LG to make major investment in Ohio
Honda-LG to make major investment in Ohio
Highlights in this week’s Small Business Update:
- Grant opportunity opens for Industry Sector Partnership Program
- Ohio will receive up to $182 million to support small businesses
- Companies can build success with Ohio Export Internship Program
- Technology internship program can help businesses and students
- Loans available to help minority- and women-owned Ohio businesses
Honda-LG to Invest in Ohio for Electric Vehicle Production
Governor Mike DeWine, Lt. Governor Jon Husted, and Ohio Department of Development and JobsOhio leaders announced this week that Ohio will continue its historic dominance in the automotive manufacturing industry as Honda selected Ohio to lead its electric vehicle (EV) production and, with LG Energy Solution, a joint venture battery plant.
During an event at the Ohio Statehouse Tuesday, Honda and LG Energy Solution confirmed that their combined investments of at least $4.2 billion will create a total of 2,527 new jobs in Ohio between the establishment of a new EV battery plant in Fayette County and the retooling of existing Honda plants in Union, Logan, and Shelby counties for electric vehicle production.
Honda’s renewed commitment to Ohio came exactly 45 years to the day after Honda leadership visited the Ohio Statehouse to announce plans for its first vehicle production facility in the United States, the Marysville Motorcycle Plant.
Honda and LG Energy Solution will invest $3.5 billion in the new Fayette County battery plant, which will create at least 2,200 new jobs. A total of $700 million will be invested by Honda to retool its Marysville Auto Plant in Union County, Anna Engine Plant in Shelby County, and East Liberty Auto Plant in Logan County, creating 327 new jobs on top of its current workforce. Once transformed for EV production, the power source for the vehicles made at the Marysville, Anna, and East Liberty factories will come from the new battery plant in Fayette County.
Construction on the Fayette County battery plant is expected to begin in early 2023, with a goal of starting mass production of advanced lithium-ion battery modules by 2025. The site, at Interstate 71 and U.S. Route 35, offers more than 1,500 acres and is less than an hour's drive from Columbus, Dayton, Cincinnati, and Chillicothe.
Industry Sector Partnership Grant Accepting Applications
Ohio Lt. Governor Jon Husted, Director of the Governor’s Office of Workforce Transformation, recently announced the third round of the Industry Sector Partnership (ISP) Grant opportunity. This program supports partnerships that help bring Ohioans into the workforce pipeline while meeting the needs of job creators and the local economy.
More than $2.45 million is available for new and existing industry sector partnerships, as funded through the current state operating budget. ISPs can be in any region of Ohio, as long as the focus is on an in-demand sector, such as manufacturing or technology.
Industry Sector Partnerships are designed to develop workforce strategies specific to a given region of the state or industry sector to drive collaboration between local businesses, education and training providers, and community stakeholders.
To apply and learn more about the Industry Sector Partnership Grant program, visit Workforce.Ohio.gov/ISP.
Export Interns Can Help Companies Grow
The Ohio Export Internship Program matches businesses interested in growing exports with highly motivated college students who have taken export-focused coursework. The Ohio Department of Development offers participating small to medium-sized businesses a 50 percent reimbursement for the wages of the intern.
The program is a partnership between the Department of Development, The Ohio State University, Youngstown State University, Cleveland State University, the University of Dayton, and two universities that are joining the program this year: Bowling Green State University and Ohio University.
The internships have a track record of helping businesses achieve export success. In the 12 years of the program, 411 student-company matches were created, resulting in 136 internship extensions, 69 new job positions, and 400 new international markets, distributors, or customers.
Companies can apply now. Internships will run from May to August 2022.
Ohio to Receive Funding to Support Small Businesses
The Ohio Department of Development announced Thursday that up to $182 million will soon be available to support small businesses in Ohio.
The funds are being awarded to Ohio as part of the federal State Small Business Credit Initiative (SSBCI).
Ohio will initially receive approximately $52.4 million to support socially and economically disadvantaged individuals, very small businesses, and early-stage, technology-based companies. The remaining funds will be made available through multiple allocations as the state meets expected performance targets.
The Department of Development will administer the SSBCI program in Ohio through the Minority Business Development Division and the Ohio Third Frontier, splitting the funding among four programs that are expected to be available by the end of 2022.
Additional details about the programs will be made available at Development.ohio.gov.
Loans Available for Minority-, Women-Owned Businesses
The Ohio Department of Development can help minority- and women-owned businesses grow and expand with a pair of loan programs.
The new Women's Business Enterprise Loan Program and Ohio Micro-Loan Program are priority initiatives of the DeWine-Husted Administration and were included in the 2022-2023 operating budget, which was passed in by the Ohio General Assembly in June 2021.
The loans are administered by the Development’s Minority Business Development Division. To date, Development has approved more than $4.2 million in Women’s Business Enterprise Loans for 18 companies, and $2.6 million Ohio Micro-Loans have been approved for 65 companies.
More than $5.7 million remains available in the Women’s Business Enterprise Loan Program, and more than $7.3 million is available in the Ohio Micro-Loan Program.
Tech Interns Can Help Companies Grow
The Diversity & Inclusion Technology Internship Program can connect businesses with the best and brightest upcoming talent to fill their tech needs. From creating mobile apps to building out websites, developing social media platforms, implementing new software, conducting market research, and enhancing cybersecurity, the program can help with virtually any tech need and help pay the salary of college interns.
The program is administered through the Ohio Third Frontier, an office in the Department of Development. Companies can hire up to four interns and be reimbursed up to $30,000.
Development is accepting student applications until Oct. 31. Internships will be effective from Nov. 1, 2022, to April 23, 2023.
Business Certifications Available at Development Website
Business certifications available from the state of Ohio can help companies land government contracts and build their customer base.
Businesses can apply for these certifications from the Ohio Department of Development’s Minority Business Development Division:
- Minority Business Enterprises (MBE)
- Women-Owned Business Enterprises (WBE)
- Veteran-Friendly Business Enterprises (VBE)
- Encouraging Diversity, Growth and Equity (EDGE)
Information about certifications is available at Development.Ohio.gov/Certifications. In addition, companies seeking to diversify their supplier or subcontractor lists can visit the site to search for certified companies.
OhioMeansJobs.com Can Help Businesses Find Workers
Businesses that are looking for workers can find help at OhioMeansJobs.com. The website helps job seekers find work, and it also can help businesses find their next employee. The site now has more than 2.2 million resumes posted by people looking for a new job.
In addition, the Employer page on the website provides other resources, such as tips on hiring veterans, people with disabilities, and restored citizens.
OhioMeansJobs.com currently has more than 222,000 jobs posted, including more than 136,000 that pay more than $50,000 per year. More than 5,100 internship opportunities also are available.
To find the OhioMeansJobs center near you, visit OhioMeansJobs.com and select “FIND A JOB CENTER” at the bottom of the page or call 1-888-296-7541.