The Ohio Turnpike will remain a public asset, according to The Columbus Dispatch. Many Ohioans have been worried Gov. John Kasich would attempt to privatize the Turnpike in order to pay for transportation projects; instead, the governor will try to generate revenue for state infrastructure projects elsewhere, perhaps by using the Turnpike’s tolls. Kasich will unveil his full plans Thursday and Friday.
The asbestos lawsuit bill is heading to Kasich to be signed. The bill attempts to curb duplicate lawsuits over on-the-job asbestos exposure. Supporters of the bill say it will prevent double-dipping by victims, but opponents say the bill will impede legitimate cases. Ohio has one of the largest backlogs of on-the-job asbestos exposure cases.
City Manager Milton Dohoney has released some of the potential bids for the city’s parking services, and one bidder is offering $100 to $150 million. Dohoney says the budget can only be balanced if parking services are privatized or the city lays off 344 employees. But Councilman P.G. Sittenfeld is speaking out against the privatization of the city’s parking services. In a statement, Sittenfeld said, “Outsourcing our parking system robs the city of future revenue, and also will mean higher parking rates, longer hours of enforcement, and more parking tickets.”
LGBT rights are becoming “the new normal,” but not for Western & Southern or American Financial Group. In the 2012 Corporate Equality Index, the Human Rights Campaign gave 252 companies a 100-percent score for LGBT rights. Cincinnati-based Procter & Gamble got a 90 percent, Macy’s got a 90 percent, Kroger got an 85 percent, Fifth Third Bank got an 85 percent, Omnicare got a 15 percent, American Financial Group got a 0 percent and Western & Southern got a 0 percent. The rankings, dubbed a “Buyer’s Guide,” can be found here.
The Sierra Club says Cincinnati has some of the best and worst transportation projects. In its annual report, the environmental group praised the Cincinnati streetcar, claiming the transportation project will attract residents and business owners. But the organization slammed the Eastern Corridor Highway project because of its negative impact on the Little Miami River and the small village of Newtown. The Sierra Club says the purpose of the report is to shed light on the more than $200 billion spent on transportation projects every year.
University of Cincinnati President Santa Ono is getting a 10-year contract.
The disease-carrying Walnut Twig Beetle has been discovered in southwest Ohio. The beetle is known for carrying Thousand Cankers Disease, which threatens the health of walnut trees. So far, no trees have been determined to be infected.
Ohio Gov. Kasich, Ky. Gov. Steve Beshear and U.S. Secretary of Transportation Ray LaHood will meet today to discuss funding for the Brent Spence Bridge project. If the bridge project starts in 2014, northern Kentucky and Cincinnati could save $18 billion in fuel and congestion costs, according to the Build Our New Bridge Now Coalition.
Following the defeat of Issue 2, the Ohio Senate is taking on redistricting reform, but opponents in the House say there isn’t enough time to tackle the issue. The current redistricting system is widely abused by politicians on both sides of the aisle in a process called “gerrymandering,” which involves politicians redrawing district lines in politically beneficial ways. The First Congressional District, which includes Cincinnati, was redrawn during the Republican-controlled process to include Republican-leaning Warren County, heavily diluting the impact of Cincinnati’s Democratic-leaning urban vote.
Ohio employers are more aware of wellness than employers in other states, a new survey found. Wellness programs are one way employers can bring down health-care expenditures as cost shifting feels the pinch of diminishing returns.
However, Ohio ranked No. 35 in a nationwide health survey.
Ohio district didn't win federal Race to the Top education funds in the latest competition.
Internet cafe legislation is dead for the year. Ohio Senate President Tom Niehaus announced the legislation, which essentially puts Internet cafes and sweepstakes parlors out of business. State officials, including Attorney General Mike DeWine, have been pushing for regulations or a ban on the businesses because they see them as a breeding ground for criminal activity.
The final 2011-2012 school report cards will not be available until 2013. The report cards were originally delayed due to an investigation into fraudulent attendance reports.
Michigan may have approved its anti-union right-to-work law, but Ohio is not eager to follow. State Democrats are already preparing for a possible battle over the issue, but even Republican Gov. John Kasich says he’s not currently interested in a right-to-work law.
The Ohio Environmental Protection Agency is loosening hazardous waste reporting requirements for companies. If the rules go into effect, regulated facilities will report on hazardous waste once every two years instead of once a year. The rule changes will get a public hearing on Dec. 19 in Columbus.
In a question-and-answer session Monday, U.S. Supreme Court Justice Antonin Scalia asked, “If we cannot have moral feelings against homosexuality, can we have it against murder? Can we have it against other things?” (Hint: The answer to both questions is yes.) The Supreme Court recently agreed to tackle the same-sex marriage issue. CityBeat wrote about same-sex marriage in Ohio here.
For the first time since inauguration, Ohio Gov. John Kasich has a positive approval rating, but a plurality of registered voters say Kasich doesn’t deserve a second term. The Quinnipac University poll attributed the increase in Kasich’s approval rating to “high levels of satisfaction among Ohio voters with life in the Buckeye State.” About 42 percent of respondents approved of Kasich, while 35 percent disapproved. About 42 percent said Kasich doesn’t deserve a second term, while 36 percent said he does. The poll surveyed 1,165 registered voters with a margin of error of 2.9 percent.
Last night, Cincinnati held its final public hearing on City Manager Milton Dohoney’s proposed budget. About 40 people spoke during the meeting, with many voicing concern about Media Bridges funding, which CityBeat recently covered here. The budget has also come under scrutiny due to its privatization of parking services, but Dohoney says the choice is privatization or 344 layoffs.
Cincinnati plans to bolster its green building incentives. City officials are trying to amend the city’s Leadership in Energy and Environmental Design (LEED) standards to encourage higher levels of investment in green projects. Since LEED standards were first approved in 2009, they have been criticized for only offering strong incentives for lower levels of certification. The amendment seeks to make the higher levels of certification more appealing.
University Hospital is being renamed to the University of Cincinnati Medical Center.
An “anti-immigrant bill” proposed by Cincinnati’s Ohio Sen. Bill Seitz is not being received well by Innovation Ohio. S.B. 323 seeks to limit workers’ compensation to illegal immigrants, but the Ohio policy research group is not sure that’s a legitimate problem. The organization is also worried the bill will impose a regulatory burden on the Ohio Bureau of Workers’ Compensation and Ohio’s workers without providing extra funds and training to carry out the regulations.
Ohio is improving in its battle against human trafficking. The state earned a “C” and it was labeled “most improved” in a new report from the Polaris Project. But one state legislator wants to go further by placing tougher standards on “johns” participating in the sex trade. CityBeat previously wrote about the human trafficking problem in Ohio here.
The Ohio Tax Credit Authority approved enough credits to help create about 500 jobs in Greater Cincinnati.
Michigan may have recently passed its anti-union “right-to-work” law, but Gov. Kasich does not share a similar interest.
Kasich will announce his changes to the Ohio Turnpike Thursday and Friday. The governor says his proposed changes will unlock “greater wealth,” but critics are worried Kasich is about to sell off a major public asset.
Ohio Secretary of State Jon Husted is still defending his decisions during the lead-up the election. Husted has now become infamous nationwide due to his pre-election record, which CityBeat wrote about here.Even Jesus would be jealous. Science can now turn human urine into brain cells.
The bill was the topic of discussion at a Senate Insurance, Commerce and Labor Committee hearing on Nov. 27. At the hearing, supporters argued the bill would stop compensating illegal workers who aren’t supposed to be in Ohio to begin with. But opponents argue that the details in the bill add too many extra problems.
In fact, the bill might be going after a problem that doesn’t even exist. At an earlier hearing, Seitz, a Republican, said the state does not collect data on the immigration status of workers receiving compensation. To Brian Hoffman of Innovation Ohio, this means there’s no way to know if the Ohio Bureau of Workers’ Compensation (BWC) has ever compensated a single undocumented worker. “It just seems curious that this bill is being introduced and has gotten three hearings when there’s no proof that it’s actually even an issue,” he says.
Hoffman is also worried that the bill is imposing a new regulatory burden on BWC without providing additional funds. In his view, the state agency is essentially being told to do more without additional resources to prepare or train regulators. Considering how complicated the immigration issue can get, this makes Hoffman doubt the agency will be able to properly carry out the new regulations.
From a broader perspective, the bill imposes regulatory hurdles on all injured workers just so they can get compensation they're entitled to under state law. “Talk about kicking someone when they’re down,” Hoffman says.
But the burden could hit Hispanics even harder and lead to more discrimination in the workplace. After all, when employers are clearing legal statuses, who are they more likely to question, someone with a name like “Dexter Morgan” or someone with a name like “Angel Batista”?
In Hoffman’s view, the state should leave immigration issues to the federal government and worry about more pressing issues: “Why is the state legislature even wasting its time on the issue? There are plenty of really good ideas to bring jobs back to Ohio. Why aren’t they focused on those?”
The bill is still in committee, but it’s been the subject of multiple hearings. It’s unlikely the Ohio Senate will take it up in what’s left of the lame-duck session, but it could come back in the next year.
CityBeat was unable to reach Seitz for comment despite repeated attempts through phone and email, in addition to a scheduled interview that was canceled. This story will be updated if comment becomes available.
The city of Cincinnati and its largest city employees union have reached a deal regarding the privatization of the city’s parking assets. Under the deal’s terms, the city will give raises and not lay off anyone for three years, but only if the city’s parking assets are privatized. However, the head of a Clifton community group is still not happy with the privatization plan. He says the plan is bad for business because it limits the amount of affordable parking in the area. But would laying off 344 city employees be better for business?
The identity of the Miami University student who put up
the infamous “Top Ten Ways to Get Away with Rape” flier may soon be revealed. The Ohio Supreme Court
will decide by Dec. 14 whether the case should be unsealed and open to public view. Robert Lyons, the Butler County part-time judge who sealed the case, has faced scrutiny in the past few months for conflicts of interest regarding drinking-and-driving cases.
Revenue from casinos in Toledo and Cleveland is dropping. The numbers paint a bad picture for Cincinnati and Hamilton County officials expecting budget problems to be solved by casino revenue.
A proposal mandating drug testing for welfare recipients in Ohio resurfaced last week. Republican legislators claim the requirement will save the state money, but a similar proposal in Florida added to budget woes as the state was forced to pay for drug tests.
Ohio’s ultra-wealthy population is growing. About 1,330 Ohioans are worth $30 million or more, an increase of 2 percent since 2011, according to a report from Wealth-X. The news could shape Gov. John Kasich’s plan to cut the income tax using revenue from a higher oil-and-gas severance tax, perhaps encouraging state officials to make the cut more progressive.
Gov. Kasich is ending the practice of giving so many tax credits to keep businesses in Ohio. The move could potentially cost the state jobs as businesses move to other areas with bigger, better incentives, but state officials and the business community don’t seem too worried for now.
If the Ohio government agencies were forced to cut their budgets by 10 percent, the results would not be pretty. The Ohio Department of Rehabilitation and Correction would have to close prisons, and the Ohio Department of Natural Resources would have a tougher time enforcing new regulations on fracking.
Ohio’s exotic animal law is facing a challenge in federal court today. Exotic animal owners claim the law violates their First Amendment and property rights by forcing them to join private associations and give up their animals without compensation. They also do not like the provision that requires microchips be implanted into the animals. The Humane Society of the United States is defending the law, which was passed after a man released 56 exotic animals and killed himself in 2011.
An Ohio court said a business tax on fuel sales must be used on road projects.
Ohio gas prices are still dropping.
The cure for leukemia could be a modified version of the AIDS virus.
There’s a catch — municipal employees only get the raises and job security if the city’s parking meters, garages and surface lots are leased to a private company for 30 years.
City Manager Milton Dohoney wants to lease the facilities for at least $40 million upfront and a share of parking profits for the next 30 years. He’d use $21 million of the upfront payment to patch a $34 million deficit in the city’s budget.
During recent budget hearings before City Council, Dohoney said extra revenue was needed to avoid the layoff of 344 city employees.
In a memo to the mayor and city council members, Dohoney outlined the agreement between the city and the American Federation of State, County and Municipal Employees (AFSCME).
Any municipal employees who will lose their jobs because of the deal would be placed in other city jobs with no loss of wages. No city employees covered by the union would be laid off between 2013 and 2016. City employees will receive a 1.5 percent cost of living raise for the 2013-2014 contract year and another 1 percent raise for the next contract year. AFSCME members will continue city vehicle maintenance work from 2013-2016.
However, if City Council doesn’t approve of the plan to privatize parking, city employees get nothing.
Public employees in Cincinnati have not been given raises in almost four years. Meanwhile, council voted last month to give Dohoney a 10 percent raise and a $35,000 bonus. Dohoney had not received a merit raise since 2007, but had collected cost of living adjustments and bonuses over the years.
Activists gathered on Thursday outside of the West Chester office of U.S. House Speaker John Boehner, asking the House’s top official to look at reducing military spending when coming up with a budget.
The group of nearly two dozen — which included nuns, a veteran, a retiree advocate, a small businessman and progressive activists — held signs reading, “It is time for Nation Building in the United States. Cut Massive Pentagon Budget Now!” and “End Tax Breaks for Richest 2%.”
“We’re here today in front of Speaker of the House John Boehner’s West Chester office to drive home the fact that we believe that over 50 percent of the budget magically, this elephant in the House, has failed to be discussed as we discuss taking away services that provide human needs,” said David Little of Progress Ohio.
“Any discussion that fails to address excesses in that budget is failing the American people.”
Little added that it was possible to support the troops and veterans without spending billions on pointless wars.
Butler County attorney and Navy veteran Bruce Carter said the military can be more efficient in what he called the changing mission.
“When you refuse to have a discussion on over half of the budget, that’s like trying to tell the Bengals to win a game without going over the 50 yard line,” he said.
The group had a letter to deliver to Boehner, which contained what they called a statement of principles.
“We believe in a holistic approach to the budget crisis, and in order to protect the middle-class, cuts to the Pentagon need to be at the forefront,” the letter states. “We understand that Pentagon cuts are a controversial issue, however, Pentagon cuts in the sequester do not threaten our national security.”
The letter suggests that some of the money currently being spent on the Defense Department goes to providing services for veterans.
The military accounted for about 52 percent — or $600 billion — of discretionary spending in fiscal year 2011.
In contrast, education, training and social services collectively made up 9 percent of the budget.
The group of four activists weren’t allowed into Boehner’s office, but a young staffer met them outside. He said that the speaker thought everything should be on the table when it came to budget cuts.
A Dec. 5 report is encouraging Cincinnati to become the solar energy capital of Ohio and the broader region. The report, titled “Building a Solar Cincinnati,” was put together by Environment Ohio to show the benefits and potential of Cincinnati regarding solar power.
Christian Adams, who wrote the report along with Julian Boggs, says Cincinnati is especially poised to take charge in this renewable energy front, in contrast to the rest of the state, which gets 82 percent of its electricity from coal. Adams points to the sustainability-minded city officials and public, a “budding solar business sector” and the great business environment as the city as reasons why Cincinnati could become a pivotal leader.
With 21 public solar installations to date, the city has already seen some of the benefits of solar power. The most obvious benefit is cleaner air, which leads to better overall health and helps combat global warming. But the report points out that local solar initiatives mean local jobs. “You can’t export these jobs,” Adams says. “It’s a great opportunity for economic revitalization.”
With solar energy comes an array of job opportunities for solar installers, solar designers, engineers, construction workers, project managers, sales associates and marketing consultants. That’s enough to create brisk job creation. The report points out “energy-related segments of the clean economy added jobs at a torrid pace over the last few years, bucking trends of the Great Recession.”
Still, there are hurdles.
Although solar energy saves money in the long term, installing solar
panels has a high upfront cost. The cost can make the short term too bleak for many potential customers.
To help overcome the short-term problem, the report suggests third-party financing. In these financing agreements, customers agree to give up roof space to have a solar power company install solar panels, and then customers agree to buy their power needs from the company. It’s a win for the solar power company because the panels eventually pay for themselves through new customers, and it’s a win for the customer because he sees more stable, lower energy costs and cleaner air. Adams points out that a few businesses and individuals in the area have already taken part in such agreements with great success.
There are also some incentives already in place to encourage solar energy. Ohio’s Clean Energy Law, which was passed in 2008, pushes utility companies into the renewable energy market with Solar Renewable Energy Credits. These are credits utility companies must earn to meet annual benchmarks by installing solar panels or purchasing them from third parties. Duke Energy has followed the law’s requirements by establishing its own renewable energy credit program.
Ohioans also have access to some tax breaks — the Energy Conversion Facilities Sales Tax Exemption, Air-Quality Improvement Tax Incentives and Qualified Energy Property Tax Exemptions — and loan programs — the Energy Loan Fund and Advanced Energy Fund — that encourage solar and other renewable energy sources.
Larry Falkin, director of the city’s Office of Environmental Quality (OEQ), says the report didn’t have much new information, but he’s glad it can be used to push solar energy to the broader public. He touted the benefits of job creation and reducing reliance on foreign energy sources by moving toward energy independence.
For now, the city is mostly taking the approach of leading by example. Falkin says the city is acting like a “model” for solar energy. Cincinnati added solar installations to two city facilities this year, and another will be added by the end of the month. Falkin’s office is also working together with different organizations to keep any momentum going.
Adams and Falkin both attended a Dec. 5 roundtable discussion
that engaged regional officials, including solar businesses,
environmental and sustainability groups, education leaders and the
Cincinnati Zoo. They both said the roundtable went well.
“I think all the right people are coming together and doing the right things to try to move us forward,” Falkin says.
Redistricting reform may have died in front of voters, but will the state legislature pick up the pieces? Ohio Sen. Keith Faber, a Republican, and Ohio Sen. Nina Turner, a Democrat, say a deal is close. The senators say the task force in charge of finding a way to reform the state’s redistricting system could release a report later this week, and a public hearing is scheduled for next week. The congressional redistricting process has scrutiny for decades as politicians have redrawn districts for political gain. The First Congressional District, which includes Cincinnati, was redrawn during the Republican-controlled process to include Republican-leaning Warren County. The change was enough to dilute Cincinnati’s Democratic-leaning urban core, shifting the district from politically mixed to safely Republican.
A group in favor of President Barack Obama is taking the federal fight over taxes to a local level. Ohio Action Now is planning a Friday rally in front of U.S. Rep. Steve Chabot’s office demanding that he accept tax hikes on individuals making more than $250,000. Chabot, who represents Cincinnati’s congressional district, and other Republicans oppose the plan because it taxes what they like to call “job creators.” However, research has shown taxing the wealthy is economically better than taxing the lower and middle classes. The International Monetary Fund also found in an extensive study that spending cuts hurt economies a lot, but tax hikes barely make a negative impact. U.S. Sen. Sherrod Brown, an Ohio Democrat, is also criticizing Republicans for not accepting Obama’s tax proposal.
Hamilton County commissioners did not agree to raise the sales tax; instead, they will reduce the property tax rollback. For residential property owners, the tax hike adds $35 per $100,000 of a home’s valuation. Commissioners say either a reduction in the rollback or a sales tax hike is necessary to balance the county stadium fund, which has undergone problems ever since the county made a bad deal with the Reds and Bengals. None of the current commissioners were in office when the original stadium deal was made.
The city of Cincinnati and a city union have reached a deal on privatizing parking services. The American Federation of State, County and Municipal Employees (AFSCME) agreed not to oppose the plan after the city promised not to lay off union employees. As part of parking privatization, 25 union members will lose their current jobs, but they’ll be transitioned into other city jobs. City Manager Milton Dohoney insists parking privatization is necessary in his budget plan if the city wants to avoid 344 layoffs. The public will be able to weigh in on the budget proposal today at 6 p.m. at City Hall and Dec. 10 at 6 p.m. at Corryville Recreation Center.
Cincinnati City Council approved a resolution asking the state government for local control of fracking operations. But the resolution has no legal weight, so the state will retain control. Fracking has been criticized by environmentalists who see it as a possible cause of air pollution and water contamination. Critics also want to know what’s in the chemicals used during the fracking process, but, under state law, companies are not forced to fully disclose such information.
Ohio Gov. John Kasich and Kentucky Gov. Steve Beshear will meet Dec. 12 in Covington to discuss a study funding the Brent Spence Bridge overhaul. Some, including Greater Cincinnati’s Port Authority, have pushed for tolls to help fund the bridge project, but northern Kentucky lawmakers are strongly against the idea. The bridge, which links downtown Cincinnati and Covington, has been under heavy scrutiny due to deteriorating conditions and over-capacity.
The city of Cincinnati and web-based SoMoLend are partnering to provide crowd funding to the city’s small businesses and startups. The partnership, which was approved by the Small Business Advisory Committee, is meant to encourage job and economic growth.
The Ohio Senate will rework a bill that revamps the school report card system. The bill seeks to enforce tougher standards on schools to put more pressure on improvement, but some Democrats have voiced concerns the new standards are too tough as the state replaces old standardized tests. A very early simulation from May showed Cincinnati Public Schools dropping from the second-best rating of “Effective” under the current system to a D-, with 23 schools flunking and Walnut Hills High School retaining its top mark with an A.
The Ohio House passed a bill banning Internet sweepstakes cafes, but it’s unsure whether the Ohio Senate will follow suit. State officials say the cafes are ripe for criminal activity.
More Ohioans are seeking help for gambling problems.
A bill seeking to curb duplicate lawsuits over on-the-job asbestos exposure has cleared the Ohio Senate. Proponents say the bill stops double-dipping from victims, but opponents say it will make legitimate claims all the more difficult.
The Ohio Supreme Court declared the Ohio Department of Natural Resources (ODNR) to be in contempt for not following a court order requiring the state agency to compensate 87 landowners in Mercer County for flood damage. As a result, ODNR must complete appraisals within 90 days and file all appropriation cases within 120 days.
We’re all going to die... eventually. Someday, the Milky Way will collide with the Andromeda Galaxy, and scientists want help in finding out more about the galaxy.
The rollback saves property owners $70 in taxes for every $100,000 of valuation. For the next two years they will be paying an extra $35 per $100,000 of their home’s value.
The money will be used to balance the stadium fund, which faces a $7 million deficit. The rollback reduction is expected to raise about $10 million. The board voted 2-1 for the proposal, with sole Democrat Todd Portune dissenting.
“The property tax rollback measure that has been advanced so far buys us only one year, and next year we will be doing the same thing we are doing today,” Portune said.
Portune favored raising the sales tax by 0.25 cents — to 6.75 — per dollar, which would have raised more than $30 million over 10 years. His proposal, which failed to receive any support, would have expired after the 10 years and gone up for review annually after the first five.
Portune said his proposal was more equitable. He said reducing the property tax rollback was going to affect only Hamilton County residential property owners, whereas a sales tax increase would affect everyone who spends money in the county, including visitors from neighboring Kentucky and Indiana.
Portune billed the tax increase as a long-term solution that would raise more than was needed currently but would keep the fund stable in years to come.
Board President Greg Hartmann, who authored the rollback reduction proposal, called Portune’s plan “a bridge too far.” He said it was too large of a tax increase and not a targeted approach to solve the deficit problem. He said he didn’t trust future commissions to allow the tax increase to expire.
Hartmann called the property tax rollback reduction flexible, scalable, clean, immediate and certain.
Commissioner Chris Monzel, who provided the deciding vote, said he didn’t like either and had to go against his principles with either choice.
“No way I walk out of this without breaking a promise. No way I walk out of this winning,” he said.
Monzel said he hopes that savings from the Affordable Care Act would allow the county to lower its property tax rates to make up for the rollback reduction.
Monzel also introduced a successful proposal that will include an annual review of the tax budget to make sure property taxes don’t change, a provision requiring parking revenue from The Banks to be used to develop The Banks and a directive for the county administrator to work with Cincinnati’s professional sports teams on concessions they can make to help out with the stadium funding burden.
The partnership will aid small businesses and startups through crowd funding, which connects multiple potential lenders so no single investor, including the city government, is carrying the a bulk of the burden. Since crowd funding gets more investors involved, it can also raise more money for promising startups and small businesses.
Businesses will be picked through SoMoLend’s typical application process, which emphasizes startups and small businesses. Successful applicants usually have 15 or fewer employees, meet a few standards regarding business and personal finances and prove they actually need a commercial loan. In the past, businesses have raised as much as $1 million in loans with SoMoLend.
Applicants will also have to go through the city’s application process. The city government will look at how many jobs are created, what’s the capital investment involved, how much the city will give relative to private lenders and other similar metrics.
Even as the economy recovers, small businesses and startups are having a tough time getting loans in comparison to bigger businesses. So the focus on small businesses and startups is in part to bring beneficial fairness to the system, says Meg Olberding, city spokesperson. “Access to capital at all levels has to happen. And the city government feels like small businesses are key to growth in our local economy.”
The partnership’s focus on startups is economically sound. Governments and politicians love to herald small businesses as the drivers of economic growth, but studies suggest startups are more deserving of the praise. A paper from the National Bureau of Economic Research found that young small businesses, or startups, are the key drivers to economic and job growth.
As for why SoMoLend was picked over other platforms, Olberding says location and history played a role: “It’s a local small business, so it’s … demonstrating what we’re talking about. It’s also a demonstrated success in terms of bringing viable businesses to the market.”
The partnership is part of an ongoing effort to spur small businesses and startups in Cincinnati. SBAC was created in 2012 to pave a clearer, better path that encourages such businesses in the city. SBAC reviewed, gave feedback and approved the new partnership earlier today.
Councilwoman Yvette Simpson, head of SBAC, praised the partnership in a statement: “I am excited that the SBAC approved the city’s new partnership with SoMoLend today. By making city lending more efficient and expanding the network of small businesses receiving city assistance, this new partnership fits well into the SBAC’s goal of making Cincinnati a better place for small business.”