The Buckeye State boasts pretty affordable business costs and a gross tax rate of zero, making it an attractive state for entrepreneurship. Are you considering launching a business in Ohio? Or are you already a local business owner? The business loans and grants listed below are available only to Ohio businesses. Read through to discover if your business is eligible.
Department or Agency: Ohio Department of Development
Loan: Community Development Financial Institution Loan Participation Program
The Community Development Financial Institution (CDFI) Loan Participation Program helps small businesses in urban, rural, and other underserved communities in Ohio by providing fair and responsible financing. Borrowers must apply to one of three participating CDFIs and must be registered with the Ohio Secretary of State as a corporation, partnership, LLC, or sole proprietorship. Those eligible must also have fewer than 250 employees and revenues under $20 million. Loans are capped at $1 million and cannot exceed 30% of total borrowings. There are a wide range of permitted uses including working capital, inventory, marketing, research and development, and to purchase, renovate or improve property.
Department or Agency: Ohio Department of Development
Loan: Ohio Capital Access Program (OCAP)
The Ohio Capital Access Program (OCAP) is a loan guarantee program that enables small businesses to get access to the capital they need to grow. The program is open to Ohio businesses with fewer than 250 employees and revenues under $10 million. Loans are limited to $350,000 for fixed assets and $250,000 for working capital.
Department or Agency: Ohio Department of Development
Loan: Ohio Micro-Loan Program
The Micro-Loan Program is designed to support certified minority and/or women-owned businesses by offering small, fast-track loans at a 0% interest rate to help them expand, create, and/or retain jobs. Existing minority and/or women-owned Ohio businesses are eligible to apply for loans between $10,000 and $45,000 to be used for working capital, machinery, leases, debt refinancing, and more.
Department or Agency: Ohio Department of Development
Loan: Women’s Business Enterprise Loan Program
The Women’s Business Enterprise Loan Program is designed to help Ohio businesses that are certified as women-owned and at least 51% owned by women. Because businesses must present three years of tax returns, early-stage startups are ineligible. Acceptable uses for loan funds include purchasing or renovating real estate, leasehold improvements, and buying machinery or equipment. Loan sizes range from $45,000 to $500,000.
Department or Agency: Governor’s Office of Workforce Transformation
Grant: Industry Sector Partnership Grant
The Industry Sector Partnership Grant helps foster collaboration between businesses, education and training providers, and other leaders working to promote workforce development. Grants are open to multiple private-sector businesses working together toward a common goal. Specific industry focus projects are permitted.
Two sub-programs exist: The Spark Grant provides seed funding for new sector partnerships to help them become sustaining and self-sufficient. The Accelerant Grant goes to existing sector partnerships so they can expand their reach and impact. Spark grants range from $50,000 to $100,000, while Accelerant Grants go as high as $250,000. Both programs have a 2-to-1 matching fund requirement.
Department or Agency: Ohio Department of Development
Loan: College Technology Internship Program
The College Technology Internship Program supports businesses in getting access to diverse young talent by reimbursing two-thirds of an intern’s wages up to $7,500. Host companies can have a technology need or be operating within the technology sector. Note that companies must have offices in a non-residential workspace and pay at least $15/hour. Businesses can hire up to four interns at a time for four different positions.
Department or Agency: Ohio Department of Development
Loan or Grant title: Technology Validation and Startup Fund
The Technology Validation and Startup Fund is an annual program open to Ohio startups looking to commercialize technology developed by Ohio education institutions or nonprofits. Funds are used to determine commercial viability to support a startup company and support the costs of licensing the technology from the originating institution.
Department or Agency: Ohio Department of Development
Grant title: International Market Access for Exporters (IMAGE)
The International Market Access for Exporters Program supports Ohio companies seeking to increase sales of exported products or services. The program reimburses up to $10,000 per program year for pre-approved activities. Companies must operate a for-profit business that manufactures, assembles, and/or distributes a product or provides an exportable service. Ohio businesses must meet defined small business standards, be made of primarily U.S. content, and have been operating for over a year. Acceptable activities include international trade shows, trade missions, commercial service programs, and more.
Department or Agency: Ohio Department of Development
Loan or Grant title: Export Training
The Export Training program provides 50% reimbursement of export training completed to benefit Ohio companies meeting program eligibility requirements. Training must be completed before reimbursement requests are made, but note that requests must arrive within 30 days of training completion. Companies must operate a for-profit business that manufactures, assembles, and or distributes a product or provides an exportable service. Ohio businesses must meet defined small business standards, be made of primarily U.S. content, and have been operating for over a year. Maximum reimbursement is up to $5,000 per grant year.
Department or Agency: Ohio Department of Development
Loan or Grant title: Collateral Enhancement Program 2.0
This program is geared toward supporting small businesses, women-owned businesses, and minority-owned businesses in Ohio that wouldn’t otherwise qualify for a loan because of a collateral shortfall. To qualify, businesses need to be headquartered in Ohio, have fewer than 250 employees, have revenues less than $20 million in the past year, and commit to creating new jobs as a result of the loan.
Department or Agency: Ohio Department of Development
Loan or Grant title: East Palestine Emergency Support Program
This program gives loans to businesses that were affected by the February 2023 train derailment in East Palestine, Ohio. Businesses can get loans between $10,000 and $1 million to use on payroll, employee benefits, utilities, and inventory replacement.
Department or Agency: JobsOhio
Loan or Grant title: Economic Development Grant
This grant program awards businesses grants for undertaking projects that create new jobs and stimulate economic growth in their community. Businesses can use the grant funds on land, buildings, leasehold improvements, machinery and equipment, software development, and more.
Department or Agency: JobsOhio
Loan or Grant title: JobsOhio Growth Fund
This fund gives loans to businesses that have typically struggled to get capital from traditional financial institutions. Businesses can get between $500,000 and $5 million to use on land, buildings, machinery and equipment, and software development.
Department or Agency: JobsOhio
Loan or Grant title: JobsOhio Small Business Grant
The JobsOhio Small Business Grant supports certain small businesses within the state. To qualify, businesses have to either 1) be 51% owned and operated by one of Ohio’s eligible populations, which includes women-owned, veteran-owned, and disabled-owned businesses, among others, or 2) have a project located in a distressed community within Ohio.
Businesses also have to have annual revenues between $100,000 and $25 million, receive a portion of sales from B2B transactions, operate within one of Ohio’s targeted industries, have been operating for at least one year, and demonstrate that company payroll or employment will increase by at least 10% as a result of the project.
Department or Agency: JobsOhio
Loan or Grant title: Research and Development Investment Loan Fund
This program gives low-interest loans to Ohio businesses that create research and development opportunities and high-wage jobs. Businesses can get loans between $500,000 and $5 million to use on land and building purchases, machinery and equipment purchases, leasehold improvements, and building and reconstruction.
Department or Agency: JobsOhio
Loan or Grant title: JobsOhio Workforce Grant
The JobsOhio Workforce Grant helps Ohio businesses pay for employee training and upskilling programs for their workforce. Businesses can use the grant funds for a variety of types of training, including information technology, leadership and management, product knowledge, quality management, safety training, and technical processes.
Department or Agency: The City of Cleveland Economic Development
Loan or Grant title: Working Capital Loan Program
The City of Cleveland’s Working Capital Loan Program caters to businesses that want to create jobs or expand within Cleveland. Eligible businesses can get a loan for 33.3% of their total project cost, up to $500,000.
Department or Agency: The City of Cleveland Economic Development
Loan or Grant title: Gardening for Greenbacks Program
This program supports entrepreneurs that need capital to establish or expand their urban farms. The grant is between $3,000 and $5,000 for purchasing gardening tools, irrigation equipment, construction materials, display tables and booths, soil, signage, and rain barrels.
Department or Agency: The City of Cleveland Economic Development
Loan or Grant title: Municipal Small Business Initiative
The city of Cleveland partners with the Small Business Administration (SBA) to help local businesses reduce their equity in an SBA-funded project from 25% to 10%. The city gives businesses a grant of 15% of their total project costs. The money can be used to acquire property, construct new buildings, renovate, buy equipment, and purchase furniture or fixtures.
Department or Agency: The City of Cleveland Economic Development
Loan or Grant title: Tech Delta Program
This program gives grants to tech and medical businesses relocating to or expanding within Cleveland. The grant amount is $5/square foot, up to $50,000, to be used on tech buildout, lab space, new construction, or renovation. To qualify, eligible businesses must commit to creating at least five new jobs in Cleveland.
Department or Agency: The City of Cleveland Economic Development
Loan or Grant title: Equipment Loan Fund
This program caters to small and medium-size businesses that want to create jobs or expand within Cleveland and need capital for equipment. Eligible businesses can get a loan for 33.3% of their total project cost, up to $500,000.
Department or Agency: The City of Cleveland Economic Development
Loan or Grant title: Mayor’s NTI Loan Program
This loan program supports businesses and landlords located in Glenville Circle North, Buckeye-Woodhill, E. 79th Street (between Central Ave and Kinsman Rd), and Clark-Metro. Eligible businesses can get up to $100,000 to use on equipment purchases, furniture and fixtures, landscaping, exterior renovations, fencing, and interior buildouts.
Department or Agency: The City of Cleveland Economic Development
Loan or Grant title: Neighborhood Retail Assistance Program
This program gives loans to retail-related businesses, restaurants, and grocery stores in Cleveland that need capital to upgrade the exterior and interior of their storefronts. Businesses can get up to $50,000 in loans as long as they commit to creating at least one new full-time job in the city.
Department or Agency: City of Cincinnati Department of Community & Economic Development
Loan or Grant title: MicroCity Loan Program
The MicroCity Loan Program offers loans of up to $50,000 to small businesses, minority-owned businesses, and women-owned businesses in Cincinnati. Businesses can use the funds on working capital, machinery and equipment, tenant improvements, construction and renovations, and property acquisition.
Department or Agency: City of Toledo Department of Economic Development
Loan or Grant title: Facade Improvement Planning Grant Program
Business owners who own buildings in certain parts of Toledo might be eligible for a grant from the city to cover a facade condition assessment and conceptual design services for facade improvement. Business properties must be located in the Englewood, Old South End, or Junction NRSA, or an LMI census tract in the city of Toledo. The properties must also contain a first-floor commercial or industrial business.
Department or Agency: City of Toledo Department of Economic Development
Loan or Grant title: White Box Grant Program
This program gives grants to eligible property owners in Toledo to bring vacant first-floor commercial spaces up to current building codes. Businesses can get 75% of their interior renovation expenses reimbursed, up to $75,000.
Department or Agency: City of Toledo Department of Economic Development
Loan or Grant title: White Box Grant Program
This program gives grants to eligible property owners in Toledo to bring vacant first-floor commercial spaces up to current building codes. Businesses can get 75% of their interior renovation expenses reimbursed, up to $75,000.
Department or Agency: City of Toledo Department of Economic Development
Loan or Grant title: Enterprise Development Loan
This program gives Toledo-based businesses loans up to $90,000 to use on machinery and equipment, working capital, furniture and fixtures, inventory, building renovations, and professional services expenses related to expanding operations. To qualify, businesses must be registered in Toledo, have been operating for at least two years, and commit to creating at least one full-time job for every $35,000 borrowed.
Department or Agency: City of Toledo Department of Economic Development
Loan or Grant title: Section 108 Loan
Under this program, businesses in Toledo can get low-interest loans starting at $300,000. Businesses can put the funds toward property acquisition, housing rehabilitation, new construction, site preparation, demolition, issuance cost, machinery and equipment, and working capital.
Department or Agency: City of Toledo Department of Economic Development
Loan or Grant title: Toledo Business Growth Fund
The Business Growth Fund gives loans to businesses in Toledo that need capital to work on growth and expansion. Loans are between $300,000 and $2 million and can be used on real estate acquisition, working capital, machinery and equipment, construction, and site preparation. To qualify, businesses need to have been operating for at least three years and commit to creating or retaining jobs.
Department or Agency: City of Toledo Department of Economic Development
Loan or Grant title: Toledo Expansion Incentive Program
This program gives grants to businesses located in or willing to relocate to Toledo that promise to create at least 10 new full-time jobs within three years of receiving the grant money.
Department or Agency: City of Toledo Department of Economic Development
Loan or Grant title: Municipal Jobs Creation Tax Credit Program
This program gives businesses in Toledo a tax credit against their net profits tax liability based on the number of jobs they’ve created. Businesses need to create or relocate to Toledo at least 25 full-time jobs to qualify for the program.
Department or Agency: City of Toledo Department of Economic Development
Loan or Grant title: Legacy Corridor Business Resiliency Grant
This grant program supports businesses located on Legacy Commercial Corridors within Toledo that are affected by road reconstruction projects. The grant is $5,000.
Department or Agency: City of Parma Economic Development and Community Services
Loan or Grant title: Storefront Renovation Program
This program provides businesses with a 50% matching grant on expenses a business owner incurs for building upgrades, revocations, or improvements on a commercial storefront in certain census tracts within Parma. The maximum grant is $21,000.
Department or Agency: City of Parma Economic Development and Community Services
Loan or Grant title: Commercial Loan Program
This program gives low-interest loans to businesses in Parma that need capital for startup costs, equipment purchases, job creation, and expansion. To qualify for the loan, businesses must commit to creating at least one full-time job for every $35,000 borrowed.
Department or Agency: The City of Youngstown Community Planning & Economic Development
Loan or Grant title: Youngstown Revolving Loan Fund
The City of Youngstown gives loans to local businesses that were impacted by the COVID-19 shutdown. The maximum loan size is $150,000.
