Looking to start or grow your own small business?
The Department of Community & Economic Development’s Small Business Team has a new resource to help small businesses find local resources that provide funding, counseling, events, training, space, certifications, and mentorship. Click on the link below to get started.
Some of the small businesses assisted over the years…
This fund provides small business loans up to $35,000 and is used to encourage expansion by providing “gap” debt financing.
Grow Cincinnati Fund
This fund provides capital for fixed assets, working capital and eligible refinancing to small businesses located in Cincinnati. It is designed to encourage expansion and to increase the capacity of the city’s small businesses by providing gap debt financing and access to technical assistance.
Small Business Funding Resources
If you are a small business struggling due to the after-effects of the pandemic, there is assistance available.
The resources and information available below are intended to support small businesses, help Ohio communities, and ease the burdens of Ohio families. Click on the links for more information.
New Loan Programs to Help Minority- and Women-Owned Businesses
- Women’s Business Enterprise Loan Program: These loans will be offered at or below market rate and currently are 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. Businesses must be 51% ownership and controlled by women or be certified as a Women-owned Business Enterprise (WBE).
- Ohio Micro-Enterprise Loan Program: These loans will have a 0% interest rate. 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 Enterprise (MBE) or a Women-owned Business Enterprise (WBE)
The loan programs will be administered by the Ohio Department of Development (Development) through the Minority Business Development Division. It joins four other capital programs offered by Development: the Ohio Minority Business Bonding Program, the Ohio Minority Business Direct Loan Program, the Collateral Enhancement Program, and the Ohio Capital Access Program.
Information about the loans, including program guidelines and fact sheets, can be found online at Minority.Ohio.Gov.
Click on Access to Capital on the left side of the webpage to find a list of all the Minority Division’s financial resources.
For more information or to start the application process, email MinorityBizFinance@Development.Ohio.Gov.
Women, Minority & Small Business Enterprises
In conjunction with the City of Cincinnati Department of Economic Inclusion, we work to identify opportunities for minority business enterprises (MBE), small business enterprises (SBE), and women business enterprises to do business with the City. The Department of Economic Inclusion has created a certification process to ensure that these enterprise groups can participate in as many projects as possible; not just as subcontractors, but as prime contractors. APPLY HERE