State launches loan programs to help minority and women-owned businesses

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COLUMBUS, Ohio – Two new loan programs are launched to help minority and women-owned businesses in Ohio.

The loan programs will be administered by the Ohio Department of Development through the Minority Business Development Division.

The new loan programs are:

  • Women’s Business Loan Program: These loans will be offered at or below market rate and are currently 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 property. Businesses must be 51% female owned and controlled or certified as Women Owned Business Enterprises (WBE).
  • Ohio Micro-Business Loan Program: These loans will have an interest rate of 0%. 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 (MBE) or a women-owned business enterprise (WBE).

“Helping our minority and women-owned businesses thrive helps Ohio’s economy,” Gov. Mike DeWine said for the future.

To apply for the loans, click here.

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