This is an incredibly exciting and auspicious time for Ohio’s bioscience, health and life sciences industries, with incredible growth and massive record investment in recent years. In 2020, bioscience companies in the state attracted a record $3.3 billion from sources including venture capital, exits, angel investment, federal research grants and other state initiatives.
Government finance types have been in a mad scramble since March 2021 to answer the how, where and on what riddles to spending their American Rescue Plan Act (ARPA) funds. As is well-known, the federal government’s response to the COVID-19 public health emergency has pushed billions of dollars into state and local governments’ coffers. Thus leading to heady conversations – often with lawyers in tow – as to what are eligible expenses and what aren’t.
The Toledo-Lucas County Port Authority’s financing programs had another tremendous year with a total of over $30 million financed through its multiple programs. Through the Small Business Administration 504 loan program, five projects were closed totaling nearly $2 million, and five projects were financed through the Northwest Ohio Bond Fund totaling over $28 million – the second highest year since inception of the Bond Fund in 1988. In addition, the Port Authority’s BetterBuildings Northwest Ohio (BBNWO) program closed on $1,358,000 in energy improvement projects through its Energy Special Improvement District.
Uptown Consortium, Inc. (UCI) kicked off its second cohort of Uptown Cincinnati’s Talent Kitchen Cabinet (TKC) in November, convening a group of young people to provide input and insights that will inform UCI’s work in the community. This second cohort consists of nine University of Cincinnati students with diverse backgrounds and interests who will focus on how Uptown can become a place where young talent wants to be and fuel innovation.
The U.S. Economic Development Agency selected a MAGNET-led effort as one of 60 national finalists, and the only in Ohio, for the Build Back Better Regional Challenge (BBBRC) grant. The coalition’s proposal outlines ways to fortify supply chain resilience through the growth of smart manufacturing and advanced materials and a sharp eye toward equitable outcomes. The phase 1 grant will support further planning of projects across Northeast Ohio, including remote health monitoring device development, the deployment of smart sensors throughout Lake Erie’s ports and waterways, and a commercialization facility to innovate and test new smart materials.