Black, Latino, LGBTQ, Asian, Veteran, and Women owned businesses in Ohio can find free grant programs as well as low cost loans to help them finance their business (or start up). There are a number of lenders, government programs, and sources of funding listed below, some of which may cover your city or region. There are loans, grants, mentoring programs and more in Cleveland, Columbus, Cincinnati, and other Ohio cities that allocate funds to women and/or minority companies.
The money can cover various business expenses, including payroll, sales, rent, website or technology costs, marketing and more. Each lender (or grantor) will have their own terms and conditions in place as well as application process for a free grant or loan. But each of the programs listed below (which are updated daily) have agreed to provide some of their funds to minority owned as well as women owned companies.
Not only may a small business in Ohio get the funds they need to grow (or save) their business, but there are also programs that help minority or women entrepreneurs as well as startup businesses. The assistance can come from a bank, foundation, government agency, non-profit, corporation or other lenders.
Find small business loans or free grants in Ohio for women or minority companies
The funds and programs below are updated daily and by month. As noted, some of the low cost loans or grants are allocated to veterans, LGBTQ, Black businesses, Asians, Latinos and women owned businesses.
An Ohio based lender offers the Huntington Lift Local Business program. Millions of dollars are being allocated to help veteran, women, and minority owned businesses. The lender is also working with the SBA to facilitate funds to those disadvantaged businesses. The Huntington Bank will be offering lower credit score requirements, zero origination fees and flexible, longer repayment options as part of their loans. Find more details on the lender. https://www.huntington.com/
Minority owned businesses in the city of Cincinnati can apply to the J. Phillip Holloman Endowment Fund. It is run by the City Chamber of Commerce. Minority owned businesses (including Black, Latino, Native American, Asian, etc.) can get funds to help them grow their business. It is an accelerator program. Equity investments, loans, or grants may be issued and free advice as well as business help arranged. First Financial Bank is a partner. Learn more/Apply here. https://www.cincinnatichamber.com/
October and November 2020
Toledo and Lucas County is offering funds to help both (1) non-profits and (2) private, for profit businesses. Most of the funds will be allocated to minority as well as veteran or women owned businesses. The funds can be used to pay utilities, rent, housing, and other small business expenses. Black, Latino, women, LGBTQ, and other disadvantaged business are given priority. Funding is limited, but read more here. https://www.toledochamber.com/grant.html
$8 million dollars is being offered in Franklin County and the City of Columbus. CARES Act funding is flowing to the county, and money can help small businesses as well as start ups. Priority is for vulnerable small businesses that were hot by Coronavirus. Black owned businesses, Latino, women, Asian, and other minority companies are often given priority. This is a free grant program. Call (614) 257-6300 for applications.
Columbus and Franklin County residents can get grants from the A Business Growth and Equity Alliance. About $1.6 million dollars will be allocated by the Urban League of Columbus Ohio to minority (Black, Asian, LAtion, etc.) as well as women owned businesses. In addition, free technical assistance is offered to help them grow their business, increase sales, and get the support they need. The Urban League is disbursing the free grants. Dial (614) 257-6300 or https://www.cul.org/
By Jon McNamara