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.
Who can apply? Certified MBEs through DAS or NMSDC Ohio
Criteria: Minimum loan amount is $45,000; maximum loan amount of $450,000 or up to 40% of eligible costs. Private lender required and 10% owner equity. Term cannot exceed 10 years for machinery and equipment; 15 years for real estate; or 5 years for other short-term fixed assets. Rate is 3% fixed. Program has a job creation/retention ratio of $35,000 per job created or retained. Jobs must be created within 3 years of project completion.
Review and Approval: Process begins when the financial assistance application is submitted with the necessary supporting documentation. Application package will be reviewed and presented to the MDFA Board. State Controlling Board approval is required prior to project start. Commitment letter is issued to allow the project to start.
Contact: Ohio Department of Development at www.minority.devleopment.ohio.gov and (800) 848.1300 or (614) 466.5700