Quick Reference  |  Summary

Minority Business Direct Loan Program

Purpose

Provide direct loans for businesses locating or expanding in Ohio and are purchasing or improving fixed assets and creating or retaining jobs.

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

Program Contact

Minority Business Development Division, Allen McConnell, (614) 752-4833

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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