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State launches Ohio Micro-Enterprise Grant Program to assist minority, women-owned businesses

Local business small business
Posted at 9:06 AM, Jun 03, 2020
and last updated 2020-06-03 18:34:10-04

COLUMBUS — Businesses across the state of Ohio have been hit hard by the coronavirus pandemic, but the state just launched a new program to help owners recover.

During Tuesday's press conference at the Ohio Statehouse, Lt. Gov. Jon Husted announced the Ohio Micro-Enterprise Grant Program.

The $5 million program is aimed at assisting small minority- and women-owned businesses.

"Small minority owned businesses and women-owned have been greatly impacted by the crisis," said Husted.

The program will award qualified businesses a $10,000 grant to help cover expenses lost due to the economic shutdown.

  • According to the state's website, eligible businesses must meet the following requirements:
    • Be a certified Minority Business Enterprise and/or EDGE (Encouraging Diversity Growth and Equity Program) -certified women-owned for-profit business as of Feb. 29, 2020, with up to $500,000 in annual revenue and 10 employees or less;
    • Have not received any CARES Act funding; and,
    • Be current on all taxes and private or public loans.
    • Each qualifying business would receive $10,000 until funding runs out, and grants will be awarded on first-come, first-served basis.

Husted said the program could fund up to 500 companies.

"This is this is another effort to target businesses that we know are struggling and to help lift them up to get through this tough time and flourish flourish for the future. "

To access the application, click here.