Ramaswamy loans campaign $5 million more as Acton outpaces him with donors

Ohio Democratic candidate for governor Amy Acton out-raised her Republican opponent Vivek Ramaswamy nearly 2-to-1 in September. She outpaced him in July and August as well.

However, Acton’s success with donors got swamped by Ramaswamy’s personal wealth. In August and September, Ramaswamy made $5 million-plus in loans to his campaign.

In all, Ramaswamy has staked more than $36 million of his personal fortune on his bid for governor. Because those funds are structured as loans, he can pay himself back with money from donors.

Ohio’s monthly reports cover contributions for statewide candidates in July, August and September. Campaigns aren’t required to share their expenditures over that timeframe. Still, the reports offer a glimpse of a campaign’s finances during the months between the post-primary and pre-general reports.

Acton’s latest figures

During the month of September, Acton’s campaign raised slightly more than $6 million. In August, the campaign raised $4 million, and in July it brought in $5.8 million.

The campaign’s biggest donor in September was the Ohio Democratic party. The state candidate fund gave her $232,000 across three different donations. Aside from that, Acton collected several contributions organized labor, fellow candidates and interest groups.

Unions representing bricklayers, auto workers, teachers and firefighters all gave $10,000 or more. Emily’s List, which backs female candidates who support abortion access, and the PAC for America’s Future, which supports Democratic state candidates, both effectively maxed out for Acton.

Among others, she got big donations from the CEO of the major league soccer team FC Cincinnati, a vice president at Oracle, and a couple of nursing home executives.

More than $5.5 million of Acton’s September contributions came from individuals, and $3.5 million, or 63%, of that total came from Ohioans.

Ramaswamy’s contributions

In September, Ramaswamy’s campaign raised a little more than $3 million. Its August fundraising was just shy of $2.6 million and in July the campaign brought in nearly $4 million.

Where Acton’s donations from political action committees lean toward labor, Ramaswamy’s lean toward business.

Committees representing Ohio hospitals and contractors both maxed out for Ramaswamy. The Ohio Chamber of Commerce gave $16,000, and American Property Casualty Insurance gave $16,600. Two groups representing home builders gave a total of $10,000.

Ramaswamy also got significant backing from OHCANN, a trade group representing licensed cannabis companies in the state. In September, the group gave $15,000 between two donations.

The cannabis industry shows up in Ramaswamy’s big ticket individual donations as well.

The President and CEO of Illinois-based Green Thumb, which operates Rise Dispensaries, both maxed out in September.

Ohio Chamber executives Steve Stivers and Rick Carfagna, both former lawmakers, tapped funds leftover in their previous campaign accounts, giving Ramaswamy $5,000 and $2,000 respectively.

Ramaswamy also cashed big checks from the CEO of NetJets, a partner with the commerical real estate firm the Daimler Group, and leaders for the car dealerships Ricart Automotive and Kerry Automotive group.

Ramaswamy even got max donations from a father and son running an antiquarian book and photograph shop in New York.

A bit more than $1.6 million, or 57%, of the $2.8 million Ramaswamy raised from individuals in September came from Ohioans.

Ramaswamy’s loans

The campaign’s most substantial influx of cash, however, came in the form of Ramaswamy’s personal loans.

On the one hand, his largesse makes good on an early campaign promise. In July last year, he pledged to put at least $30 million behind his election effort.

Acton has outraised Ramaswamy on a regular basis, but the sum total of her donations since entering the race still fall about $5 million short of Ramaswamy’s personal contributions alone.

In addition to his $5 million loans in the two most recent monthly reports, Ramaswamy has made several highly specific loans ranging from $39,984.22 to $136,749.

The Ohio Capital Journal requested comment from Ramaswamy’s campaign but got no response.

Follow Ohio Capital Journal Reporter Nick Evans on X or on Bluesky.