More than $4.33 million in new loans have been approved to date through the Ohio Department of Development (Development) to help 60 minority- and women-owned businesses grow and expand in Ohio.
The new Women's Business Enterprise Loan Program and Ohio Micro-Enterprise Loan Program were priority initiatives of the DeWine-Husted Administration and included in the 2022-2023 operating budget, which was passed in June by the Ohio General Assembly.
The loans are administered by Development’s Minority Business Development Division. To date, $2,297,012 in Women’s Business Enterprise Loans have been approved for 11 companies, and $2,035,511 Ohio Micro-Loans have been approved for 49 companies. More than $5.6 million remains available in the loan programs.
The programs:
• Women’s Business Enterprise Loan Program: These loans will be 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. Businesses must be 51% ownership and control by women or be certified by the state of Ohio or Women’s Business Enterprise National Council (WBENC) as a Women-owned Business Enterprise (WBE).
• Ohio Micro-Loan Program: These loans will 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).
These programs join four other capital programs offered by Development through its Minority Division: the Ohio Minority Business Bonding Program, the Ohio Minority Business Direct Loan Program, the Collateral Enhancement Program, and the Ohio Capital Access Program.
Information about the loans, including program guidelines and fact sheets, can be found online at Minority.Ohio.Gov. To start the application process, click 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.
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