The Ohio House has approved House Bill 332, legislation designed to strengthen Ohio’s defense industrial base by expanding access to reduced-rate financing for smaller defense suppliers.

The measure extends the state’s linked deposit loan program to Ohio companies that hold or have held a defense contract or subcontract and have less than $50 million in annual receipts. The program, administered in partnership with the Ohio Treasurer’s Office, allows eligible businesses to secure lower-interest loans through participating lenders.

Supporters say the change will help smaller manufacturers in the defense supply chain invest in equipment, expand production and compete for federal contracts while strengthening Ohio’s role in national security manufacturing.

The legislation now moves to the Ohio Senate for consideration. 3/4/2026