Access to Capital and Financing Your Business
The need for capital in starting and operating a business usually occurs in three stages:
• Covering start-up costs
• Financing current operations
• Expanding established business
Business owners may want to first contact a commercial loan officer at a bank at which they already have a relationship; however the Columbus Chamber offers the following information about current loan programs that are also available to business owners.
Click on the links below to learn about each of the programs.
Ag-Link provides an interest rate reduction on new or existing operating loans or lines of credit for Ohio farmers.
Bid Ohio is a competitive online auction of interim funds to state depository banks.
Check Ohio First is a free web-based service initiative of the Ohio Department of Development and the Ohio Small Business Development Centers. The site is a virtual community of buyers, suppliers and procurement experts actively connecting and contracting with each other, as well as improving contracting efficiencies.
A Child Day Care Microloan can be used to help fund between $500 and $25,000 in inventory, payroll, marketing expenses and small equipment for start-up or existing Ohio day care facilities.
City of Columbus Business Development Fund (BDF) offers up to $199,999 for real estate or equipment funding.
Working capital, offered by the City of Columbus, offers $25,000 to $100,000 to help with inventory, wages and small equipment.
The Collateral Enhancement Program provides lending institutions with cash collateral deposits to use as additional collateral for loans made to eligible for-profit small businesses.
The Community Capital Development Corporation (CCDC) is a private, non-profit corporation that loans money to small business in Central Ohio. These loans can be used to invest in land or equipment, working capital, and specialty loans such as the Child Day Care MicroLaon.
The Economic and Community Development Institute (ECDI) is a 501(c)3 non-profit economic development organization located in Columbus, Ohio. ECDI’s mission is to invest in people to create measurable and enduring social and economic change.
The Franklin County Growth Fund provides flexible financing for up to $250,000 that can be used toward working capital and small equipment for Franklin County companies outside the city of Columbus.
GrowNOW provides a 3% interest rate reduction on new or existing small business loans when the small business can commit to creating or retaining jobs in the State of Ohio.
INCREASE Community Development Corporation is a faith-based, non-profit organization that provides business training and capital for entrepreneurs and start-up businesses in central Ohio.
Launch100 provides intensive business assistance—up to 15 hours a month—to selected minority entrepreneurs with businesses with significant revenue potential (over $10 million).
The Minority Business Assistance Centers provide a variety of business development services to new and existing business owners.
The Ohio Minority Direct Loan Program provides direct loans for businesses locating or expanding in Ohio that demonstrate they will create new jobs for Ohio citizens.
The 166 Direct Loan Program (166 Direct Loan) promotes economic development, business expansion and job creation by providing financial assistance for allowable costs of eligible projects in the State of Ohio.
The Ohio Department of Development’s (Development) 166 Direct Loan provides lowinterest loans to businesses creating new jobs or preserving existing employment opportunities in the State of Ohio.
The Ohio Capital Access Program encourages state depository financial institutions to make loans to for-profit or nonprofit small businesses that are having difficulty obtaining business loans through conventional underwriting standards.
The Procurement Technical Assistance Centers (PTAC) help Ohio's businesses seeking to compete for federal, state, and local government contracts. This program is operated in partnership with the Business Services Division, the Ohio Small Business Development Centers, and the U.S. Department of Defense.
The SBA 504 Loan program is a powerful economic development loan program that offers small businesses another avenue for business financing, while promoting business growth, and job creation.
SoMo connects business borrowers seeking loans with investors looking to make a return on investment, doing well by doing good.
The Ohio Department of Development has identified the need for a flexible investment program that can strategically support growth and expansion of targeted small businesses within Ohio's manufacturing, production, and logistics value chains. In response to this need the Ohio Department of Development has created the Targeted Investment Program.
Need funding for your early-stage technology opportunity? The Funds Management team at TechColumbus is focused on moving innovations from the idea stage to the investment stage with the long-term goal of netting measurable returns indicated by commercial success.
There may come a time when you will need extra funds for a major business purchase. Consider using one or more of the following business loan options through Telhio.
The B&I program provides loan guarantees for expansion and preservation of jobs in rural areas.
For additional assistance, please contact Somers Martin, director, business development, at (614) 225.6919 or email@example.com.