Minority Financial Incentives >> Minority Direct Loan Program

Amount of Minority Direct Loans

The minimum direct loan under the Minority Direct Loan Program is $45,000.

The maximum participation by the Minority Direct Loan Program in any one project cannot exceed 40 percent of the total fixed asset costs serving as collateral for the State loan.**

The actual level of participation will be determined by the Department based upon the criteria described under “Criteria for Loan Application Evaluation.”

** Guidelines used by the Office of Minority Financial Incentives normally limit the loan amount to $450,000. However, the Director of Development may authorize a higher loan amount or modified terms which address a unique and demonstrated economic development need.

• Program Summary
• Use of Funds
• Eligible Borrowers
• Amount of Minority Direct Loans
• Interest Rate
• Terms
• Private Financing Requirements
• Collateral/Security for State Loan
• Fees
• Prevailing Wage
• Criteria for Loan Application Evaluation
• Steps in Applying for Ohio Minority Direct Loan Financing