The Minority Business Assistance Centers provide a variety of business development services to new and existing business owners.
Who can apply? Certified MBEs through DAS or NMSDC Ohio
Criteria: Business must be economically sound; must not have defaulted on a previous bond issued by ODOD; maximum bonding line pre-qualification if $1 million per business. Premium for each bond requested is 2% of the face value of the bond. The collateral and/or security are the personal guarantees of the principals and persons substantially involved in business operations.
Review and Approval: Review and approval process begins when company submits a bonding application; the application and supporting documentation is review by the Office of Minority Financial Incentives; and applications are reviewed and approved by the MDFA Board. If approved, the application is submitted to State Controlling Board for approval, a pre-qualification letter is issued, and the company submits request(s) for actual bond issuance.
Contact: Ohio Department of Development at www.minority.devleopment.ohio.gov and
(800) 848.1300 or (614) 466.5700