OH HB558

Amends section 122.011 of the Revised Code to authorize the Development Services Agency to create and administer a Disabled Veterans Small Business Loan Program in consultation with the Director of Veterans Services.

Establishes eligibility requirements for disabled veterans seeking loans or loan guarantees, including ownership or operation of a small business with fewer than 400 employees in Ohio and demonstration of a viable business model.

Limits loan or guarantee amounts to 75 percent of total proposed business expenditures and requires security through first or second mortgages or other security interests on the business or recipient's property.

Creates the Disabled Veterans Small Business Loan Program Fund in the state treasury to receive appropriations, grants, repayments, and recovered defaulted amounts for making loans and establishing loan guarantee reserves.

Requires the Director of Development Services to adopt rules for program administration and file annual reports by March 1st describing applications received, loans and guarantees made, defaults, recoveries, and job creation results to the Governor, General Assembly, and Director of Veterans Services.