Loan Programs to Help Minority- and Women-Owned Businesses

Dan Bowerman
Ohio Department of Development

Two new loan programs have launched to help minority- and women-owned businesses grow and boost the Ohio economy.

The new Women’s Business Enterprise Loan Program and Ohio Micro-Loan Program were both priority initiatives of the DeWine-Husted Administration included in the 2022-2023 operating budget.

• 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-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).

The loan programs will be administered by the Ohio Department of Development through the Minority Business Development Division. They join four other capital programs offered by Development’s Minority Division: the Ohio Minority Business Bonding Program, the Ohio Minority Business Direct Loan Program, the Collateral Enhancement Program, and the Ohio Capital Access Program.

Information about the loans, including program guidelines and fact sheets, can be found online at Development.Ohio.Gov/Minority. To start the application process, click here.

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.