Loans for women and minority-owned businesses available

COLUMBUS — This week, Ohio Governor Mike DeWine introduced two new business loan programs specifically for women- and minority-owned businesses. The Women's Business Enterprise Loan Program and the Ohio Micro-Enterprise Loan Program were both included in the 2022-2023 operating budget, which the Ohio General Assembly passed in June. "Helping our minority-owned and women-owned businesses thrive helps Ohio's economy," DeWine said in a release. "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." Each loan will be administered by the Ohio Department of Development through the Minority Business Development Division. They join four other capital programs offered through the same department — the Ohio Minority Business Bonding Program, the Ohio Minority Business Direct Loan Program, the Collateral Enhancement Program and the Ohio Capital Access Program. The Women's Business Enterprise Loan Program offers between $45,000-$500,000 in loans for businesses that are 51% owned and controlled by women, or businesses that are certified as a Women-owned Business Enterprise (WBE). Loans must be repaid within 10 years for equipment and machinery, or 15 years for owner-occupied real estate. They are offered at or below market rate and currently are up to 3%, the release states. As for the Ohio Micro-Enterprise Loan Program, funds from $10,000-$45,000 will be offered at a 0% interest rate. Businesses must either be certified as a WBE or a Minority Business Enterprise (MBE). Loans must be repaid within five years for permanent working capital, or seven years for equipment. More information about each loan can be found online at Minority.Ohio.gov or by emailing minoritybizfinance@development.ohio.gov. The application process can be started at the same email address. Additionally, businesses can reach out to a local Minority Business Assistance Center for assistance with the application process and business planning. Most northwest Ohio counties, including Seneca County, are covered by the NWO-Toledo MBAC, hosted by the Institute for Social Justice at Union Institute and University. More information is available at nwombac.com or by contacting the center at info@nwombac.com or (419) 213-3890.