NAWBO Columbus is pleased to announce 2 new loan programs through the Ohio Department of Development that are now Live! These programs are made possible in part by the advocacy efforts by both NAWBO Columbus and The Ohio Women’s Coalition!
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.
Ohio Micro-Enterprise 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.
For more information, including program guidelines, visit Minority.Ohio.Gov. Business advisors at our Minority Business Assistance Centers across the state can help businesses with the application process. To find a center near you, click here. Minority Business Development Division staff also can assist businesses. Email MinorityBizFinance@Development.Ohio.Gov.