Web Content Viewer
Actions

Ohio Awards $5 Million in Loans to Minority- and Women-Owned Businesses

For Immediate Release: 
Date: August 3, 2022
Contact: Dan Bowerman Dan.Bowerman@development.ohio.gov

COLUMBUS, Ohio – Governor Mike DeWine and Lt. Governor Jon Husted today announced 64 minority- and women-owned Ohio businesses have received more than $5 million in loans through the Ohio Department of Development in the first half of 2022 to grow and expand their businesses.

The new Women's Business Enterprise Loan Program and Ohio Micro-Enterprise Loan Program are priority initiatives of the DeWine-Husted Administration and were included in the 2022-2023 operating budget, which was passed in by the Ohio General Assembly in June 2021.

“Ohio’s economy is growing, and these loans help ensure everyone in Ohio shares in that success,” Governor DeWine said. “Our priority is to help all small business thrive and grow in the Buckeye State.”

“In our mission to make Ohio the most innovative, entrepreneurial state in the Midwest, it’s vitally important that all sectors of our economy can prosper,” Lt. Governor Husted said. “These loans will provide an opportunity for more businesses to contribute to Ohio’s success by helping them grow and create jobs.”

The loans are administered by Development’s Minority Business Development Division. To date, Development has approved $2,378,329 in Women’s Business Enterprise Loans for 12 companies, and $2,080,511 Oho Micro-Loans have been approved for 50 companies.

In addition, two Minority Business Direct Loans have been approved by Development and the Ohio Controlling Board, totaling $621,250.

“Ohio is on the move, and these businesses help drive that momentum,” Development Director Lydia Mihalik said. “By giving Ohio minority- and women-owned small businesses a boost, we’re making their business goals a reality and leveling the playing field for entrepreneurship.”

The programs:

• Women’s Business Enterprise Loan Program: These loans are 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. To qualify, 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 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) to be eligible.

With the start of the new fiscal year beginning July 1, more than $7.6 million remains available through the Women’s Business Enterprise Loan Program, and more than $7.9 million through the Ohio Micro-Loan Program.

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

Information about the loans and other capital programs can be found online at Minority.Ohio.Gov. Start the loan application process here.

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 MBAC.Development.Ohio.Gov.