Applications for Small Business Assistance Programs
Last week, state Senator
Teresa Fedor (D-Toledo) announced a number of available
grant and loan opportunities for small businesses in Ohio.
“Small businesses are the
backbone of our economy, and it is crucial we do everything
to support and encourage their growth in our state,” Fedor
said. “Businesses that are eligible can take advantage of
these grant and loan programs to access capital, expand
their operations and create jobs. I know how many terrific
small businesses we have here in Lucas County and I urge all
that are eligible to apply.”
The Ohio Capital Access
Program, administered by the Ohio Developmental Services
Agency, is a loan portfolio insurance program that enables
small businesses to obtain credit to help them grow. The
Developmental Services Agency also administers the
Collateral Enhancement Program, which facilitates increased
lending by banks to small and minority-owned businesses that
need access to capital for expansion.
Ohio also offers a number of
grant and loan programs specifically for minority-owned
businesses. The Ohio Minority Business Direct Loan Program
provides fixed, low-interest rate loans to certified
minority-owned businesses that are purchasing or improving
fixed assets resulting in creating new jobs for Ohioans.
Additionally, the Ohio Minority Business Bonding Program
provides bid, performance and payment surety bonds to state
certified minority-owned businesses that are unable to
obtain bonding through standard surety companies.
A number of other grant
programs administered by the Developmental Services Agency
to help businesses and individuals during the Covid-19
crisis are currently awaiting funding through Senate Bills
108 and 109, which passed the Senate last month. These bills
would distribute federal relief funds to businesses, bars
and restaurants impacted by the Covid-19 pandemic.