Columbus small businesses benefit from tax credits

2/28/2011

The Ohio Community Development Finance fund was the beneficiary of more than $35 million in tax credits from the U.S. Department of Treasury. The tax credits will be used to support small businesses in the area, particularly minority-owned companies.

"Small businesses stimulate job growth and help to create stronger communities," U.S. Senator Sherrod Brown, who is behind the funding, told ABC 6 News. "These tax credits will help to revitalize Columbus by easing the tax burden on women- and minority-owned businesses."

The tax credits fall under the New Markets Tax Credit program, which was created to support the private sector. Entrepreneurs who are big contributors to local communities are eligible to receive the tax credits. The OCDF plans to use the funds for community-related businesses, such as daycares and health centers.

Thanks to easing small business lending practices, small businesses are able to support their communities by adding more jobs to the market. Recent statistics from the U.S. Department of Labor indicate that unemployment claims are on the decline.