The state has announced two new loan programs to help minority- and women-owned businesses grow and boost the Ohio economy. The new Women’s Business Enterprise Loan Program and Ohio Micro-Enterprise Loan Program were priority initiatives included in the 2022-2023 operating budget, which was passed in June by the Ohio General Assembly. “Helping our minority-owned and women-owned businesses thrive helps Ohio’s economy,” Ohio Governor Mike DeWine said.
“These businesses are vitally important to our success, and these new loan programs will provide capital infusion to help them get on their feet and build for the future,” DeWine added. The new programs include:
- 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% owned and controlled by women or be certified as a Women-owned Business Enterprise (WBE).
- Ohio Micro-Enterprise 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 as a Minority Business Enterprise (MBE) or a WBE.
The programs will be administered by the Ohio Department of Development through the Minority Business Development Division. For more information or to start the application process, email MinorityBizFinance@Development.Ohio.Gov. 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.