Minority- and Women-Owned Businesses Get Support!

Governor Mike DeWine and Lt. Governor Jon Husted announced more than $2.28 million in new loans have been approved in the first quarter of 2022 through the Ohio Department of Development (Development) to help 35 minority- and women-owned businesses grow and expand in Ohio,

“Minority- and women-owned businesses often face more obstacles in accessing capital through traditional sources, which is why we believe it’s essential to help these businesses grow with the help of this additional support,” Governor DeWine said.

“We want to make sure that everyone shares in Ohio’s economic success,” Development Director Lydia Mihalik said. “The DeWine-Husted Administration made these programs a priority to help minority- and women-owned businesses grow and boost the Ohio economy.”

The programs:

• Women’s Business Enterprise Loan Program: These loans will be offered at or below market rate and currently are up to 3%. 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% ownership and control by women or be certified by the state of Ohio as a Women-owned Business Enterprise (WBE).

• Ohio Micro-Loan Program: These loans will have a 0% 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 by the state of Ohio as a Minority Business Enterprise (MBE) or a Women-owned Business Enterprise (WBE).

These programs join four other capital programs offered by Development through its Minority Division: the Ohio Minority Business Bonding Program, the Ohio Minority Business Direct Loan Program, the Collateral Enhancement Program, and the Ohio Capital Access Program.

Since the beginning of 2022, one Minority Business Direct Loan has been approved by Development and the Ohio Controlling Board, and one business has received a renewal under the Minority Business Bonding Program.

Information about the loans, including program guidelines and fact sheets, can be found online at https://development.ohio.gov/business/minority-business To start the application process, click https://development.force.com/…/minority-business-loan….

Businesses also can reach out to a Minority Business Assistance Center near them for help with the application process and assistance with business planning, access to capital, and state business certifications. For more information about the MBAC network, visit https://development.ohio.gov/…/minority-business…