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Gov. DeWine launches 2 new loan programs to help minority- and women-owned businesses

Multiethnic startup business team on meeting
Posted at 7:28 AM, Oct 07, 2021

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.

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