Ohio Opportunities for New Americans

Growing Businesses Resources

Minority Business Direct Loan Program

Contact

Allen McConnell
Minority Business Development Division
(614) 752-4833
allen.mcconnell@development.ohio.gov

Purpose

Loans for minority-owned businesses

Program

Provides a fixed rate, low-interest loan for the purchase of machinery or equipment, construction or renovation of land and buildings. A private lender may be required. A minimum 10 percent owner equity is required. The program has a job creation/retention ratio of $35,000 per job created or retained. Jobs must be created within three years of project completion.

For Whom

State certified minority owned business.

How Much

Maximum loan of $450,000, but can be higher if supported by significant economic impact. Requires a $300 non-refundable application fee and a 1.5 percent commitment fee.

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