Minority Financial Incentives

Mini Loan Guarantee Program Application Process

• Business owner applies to bank
• Local service providers are available to assist with packaging loan, if necessary
• Bank submits "Request for Guarantee" form to the state along with their commitment letter, borrower's historical and projected financial statements, project information and lender's loan application
• Requests are reviewed by the Minority Development Financing Advisory Board
• If approved, the loan must be submitted to the State Controlling Board for final approval
• After project receives State Controlling Board approval, a closing date is set
• At closing, a Guarantee Agreement is executed by the state, bank and borrower (UCC financing statements and mortgages are also executed, if applicable)
• The state will place 45% or up to $45,000 of the bank's loan into a loan guarantee account at the bank
• 45 to 60 days turnaround from time of application to closing

For more information about the Ohio Mini Loan Guarantee Program, contact:

Office of Minority Financial Incentives
Minority Business Development Division
Ohio Department of Development
77 S. High Street, 26th Floor
Columbus, Ohio 43266-0413
1-614-644-7708
1-800-848-1300, ext. 4-7708

• About the Program
• How It Works
• Eligible & Ineligible Projects
• Eligible Lenders
• Mini Loan Guarantee
• Other Criteria
• Application Process