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  • Loan Programs to Help Minority and Women Owned Businesses to Grow

    Loan Programs to Help Minority and Women Owned Businesses to Grow
    By Mary Vanac  –  Staff Reporter, Cleveland Business Journal

    Ohio has launched two new loan programs to help minority- and women-owned businesses to grow.

    Women’s Business Enterprise Loan Program:

    • Offers loans at or below market rate, which currently is up to 3%.
    • Minimum loan amount: is $45,000 to a maximum of $500,000.
    • Loans must be repaid within 10 years for equipment and machinery and 15 years for owner-occupied real estate.
    • Businesses must have 51% ownership and control by women or be certified as a Women-owned Business Enterprise (WBE).

    Ohio Micro-Enterprise Loan Program:

    • Offers no-interest loans.
    • Minimum loan: $10,000 up to a maximum of $45,000.
    • Loans must 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).

    "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," said Gov. Mike DeWine in a press release.

    The new loan programs also are aimed at enabling minority- and women-owned businesses to create jobs, said Lt. Gov. Jon Husted, in the release.

    The new programs will be administered by the Ohio Department of Development through its Minority Business Development Division, which already administers four other capital programs:

    • Ohio Minority Business Bonding Program.
    • Ohio Minority Business Direct Loan Program.
    • Collateral Enhancement Program.
    • Ohio Capital Access Program.

    For more information or to start a loan application process, email  MinorityBizFinance@Development.Ohio.gov or contact a Minority Business Assistance Center near you.

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