SMALL BUSINESS

MINORITY BUSINESSES

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The Ohio Development Services Agency (ODSA) Minority Business Development Division (MBDD) supports the growth and sustainability of small, minority-owned, and disadvantaged businesses in Ohio. Programs are available specifically for Minority Businesses and can be very beneficial in finding additional funding for your project.

ASSISTANCE - ODSA, MBDD, & MBAC

Supporting these businesses means providing them with resources that include technical and professional assistance, access to capital, surety bonding, and connection to business opportunities through the assistance of the Minority Business Assistance Centers (MBAC). The Division leverages these resources to support the achievement of the state’s 15% Minority Business Enterprise (MBE)set-aside goal, which is overseen by the Department of Administrative Services.

The Division works with entrepreneurs, and emerging business enterprises to help them achieve, scale, and market success. The overarching goal is to help small, minority-owned, and disadvantaged businesses contribute to job creation and economic growth in Ohio.

THE CENTER PROVIDES:

  1. Accounting assistance
  2. Business management counseling
  3. Completing federal, state and local certification applications
  4. Contract procurement assistance
  5. Estimating/Bidding assistance
  6. Identifying local resources
  7. Loan packaging assistance
  8. Marketing plan development
  9. Referrals to financial assistance programs

FOR ASSISTANCE CONTACT

MARK URRUTIA | REGIONAL DIRECTOR

419.530.3344

mark.urrutia@utoledo.com

MINORITY FUNDING PROGRAMS

MINORITY BUSINESS BONDING

Provides bid, performance, and payment surety bonds to state certified minority-owned businesses that are unable to obtain bonding through standard surety companies. To be eligible for this program, the project must be economically feasible; and the minority business must not have defaulted on a previous bond issued by the Ohio Development Services Agency.

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COLLATERAL ENHANCEMENT

The Collateral Enhancement Program (CEP) was created to facilitate increased lending by banks to small businesses, and minority-owned businesses, at need access to capital for growth or expansion. The CEP is designed to enable financing that might otherwise be unavailable due to a collateral shortfall.

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OHIO CAPITAL ACCESS

The Ohio Capital Access Program (OCAP) is a loan portfolio insurance program (similar to a loan guarantee) that enables small businesses to obtain credit to help them grow and expand their businesses.

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MINORITY BUSINESS DIRECT LOAN

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.

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STARTING YOUR
BUSINESS IN OHIO

Starting a business can be a very exciting but challenging time. We want to help make it easy for you. Download the Starting Your Business in Ohio Guide and take some of the guess work out of starting your business. Please feel free to contact us or one of our partners for any questions that you may have.