OH SB1

Creates the OhioMeansJobs Workforce Development Revolving Loan Fund financed by proceeds from casino license fees, with investment earnings credited back to the fund.

Establishes the OhioMeansJobs Workforce Development Revolving Loan Program administered by the Chancellor of the Ohio Board of Regents to award loans to participants in approved workforce training programs.

Provides loans up to $10,000 per program participant, with interest-free status for six months after program completion if the participant remains in Ohio, then a maximum 4% annual interest rate thereafter with repayment over seven years.

Appropriates $25,000,000 in fiscal year 2014 for the program, with up to $250,000 available to the Chancellor and $250,000 to the Treasurer of State for administrative expenses in each fiscal year.

Requires participating institutions to partner with businesses willing to repay loans or provide funding, and mandates annual reporting to the Governor and legislative leaders on fund allocation and program performance.