SMALL BUSINESS

MINORITY BUSINESSES

null
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 requirement.

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

EBONY CARTER | VICE PRESIDENT MINORITY BUSINESS SERVICES & DIRECTOR, MINORITY BUSINESS ASSISTANCE CENTER

419.243.8191 | ebony.carter@toledochamber.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.

Learn More >

COLLATERAL ENHANCEMENT 2.0

The Ohio Department of Development’s Collateral Enhancement Program 2.0 (CEP) was created to facilitate increased lending by financial institutions to small businesses, minority-owned businesses, and women-owned businesses that need access to capital for growth or expansion. The CEP supports lender loans that might otherwise be unavailable because of a collateral shortfall. The program supplies pledged cash collateral deposit accounts – or allocations for credit unions and community development financial institutions (CDFI) – to lending institutions to enhance collateral coverage on business loans. The program is designed to target certain situations in which there is insufficient collateral value to make the loan.

Learn More >

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.

Learn More >

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.

Learn More >

OHIO MICRO-LOAN PROGRAM

This loan program is designed to stimulate the growth of new and existing businesses by providing micro-loans at 0% interest. The minimum loan amount is $10,000 to a maximum of $45,000. Loans will be repaid within five years for permanent working capital and seven years for equipment. The business must have its principal place of business and its business operations located in Ohio.

Learn More >

WOMEN'S BUSINESS ENTERPRISE LOAN PROGRAM

This loan program is designed to stimulate the growth of existing women-owned businesses by providing loans at market rate or below market rate interest (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 real estate. The business must have its principal place of business and its business operations located in Ohio.

Learn More >

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.