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. See the program webpage for more details and links to apply.
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. See the program webpage for full eligibility requirements, terms, interest rates, and information on how to apply.
Department or Agency: Ohio Department of Development
Loan: 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. Visit the webpage (linked above) and the guidelines document for more information and to apply.
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. Please see the webpage for full details and to apply.
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. See the web page for more information and to learn when the next funding round opens.
Department or Agency: Ohio Department of Development
Loan: Diversity & Inclusion Technology Internship Program
The Diversity and Inclusion 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, 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. See the website for details and a link to apply.
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. Applications are competitive and complex, so see the webpage for more details and to learn when the next grant period opens.
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. Please see the website for full details and dates for funding rounds.
Department or Agency: Ohio Department of Development
Loan or Grant title: Export Training
The Export Training program provides 100% reimbursement of export training completed to benefit Ohio companies meeting program eligibility requirements. Training must be completed before reimbursement requests are made, but note, 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. See the website for details and a link to apply.
Department or Agency: Ohio Bureau of Worker’s Compensation (BWC)
Loan or Grant title: Safety Intervention Grant
The Safety Intervention Grant is designed to assist Ohio employers in their efforts to reduce or eliminate injuries or illnesses associated with a specific process or business activity by using new equipment. Companies are eligible for grants up to $40,000 for each three-year eligibility cycle, though a 3-to-1 matching is required. BWC gives three dollars for every $1 in employer contribution. See the website for application requirements, deadlines, and details.
