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Fedor Encourages Applications for Small Business Assistance Programs

Special to The Truth

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.




Copyright © 2021 by [The Sojourner's Truth]. All rights reserved.
Revised: 04/29/21 13:26:17 -0400.

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