COLUMBUS, Ohio — Two new loan programs are being launched to help minority-and women-owned business in Ohio.
The loan programs will be administered by the Ohio Department of Development through the Minority Business Development Division.
The new loan programs are:
- 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 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 Women-owned Business Enterprise (WBE).
“Helping our minority-owned and women-owned businesses thrive helps Ohio’s economy," said Governor Mike DeWine. "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.”
To apply for the loans, click here.
This story is part of The Rebound: Northeast Ohio, News 5's initiative to help people through the financial impact of the coronavirus by offering one place to go for information on everything available to help and how to access it. We're providing resources on:
Getting Back to Work - Learn about the latest job openings, how to file for benefits and succeed in the job market.
Making Ends Meet - Find help on topics from rent to food to new belt-tightening techniques.
Managing the Stress - Feeling isolated or frustrated? Learn ways to connect with people virtually, get counseling or manage your stress.
Doing What's Right - Keep track of the way people are spending your tax dollars and treating your community.
Do you have an idea for a Rebound story? Email us at rebound@wews.com.
