Ohio Launches New Loan Programs to Help Minority- and Women-owned Businesses
Assisting these businesses helps Ohio’s economy
"Helping our minority-owned and women-owned businesses thrive helps Ohio’s economy," DeWine said. "These businesses are vitally important to our success, and these new loan programs will provide capital infusion to help them get on their feet and build for the future."
Here is some information about the new programs:
- Women’s Business Enterprise Loan Program: These loans will be offered at or below market rate and currently are up to 3 percent. The minimum loan amount is $45,000 up to a maximum of $500,000. Loans will be repaid within 10 years for equipment and machinery and 15 years for owner-occupied real estate. Businesses must be 51 percent ownership and control by women or be certified as a Women-owned Business Enterprise (WBE).
- Ohio Micro-enterprise Loan Program: These loans will have a 0 percent interest rate. The minimum loan is $10,000 up to a maximum of $45,000. Loans will be repaid within five years for permanent working capital and seven years for equipment. Businesses must be certified as a Minority Business Enterprise (MBE) or a Women-owned Business Enterprise (WBE).
The loan programs will be administered by the Ohio Department of Development (Development) through the Minority Business Development Division. They join four other capital programs offered by Development: the Ohio Minority Business Bonding Program, the Ohio Minority Business Direct Loan Program, the Collateral Enhancement Program and the Ohio Capital Access Program.
"Governor DeWine and Lt. Governor Husted have made clear since the start of their administration that everyone needs to share in Ohio’s success,” said Lydia Mihalik, director of Development. "These loans will provide a bridge to success for our many minority- and women-owned businesses across the state."
Information about the loans, including program guidelines and fact sheets, can be found online at Minority.Ohio.Gov. Click on 'access to capital' on the left side of the webpage to find a list of all of the minority division's financial resources. For more information or to start the application process, email MinorityBizFinance@Development.Ohio.Gov.