From the Governor’s press release yesterday (June 2, 2020):
OHIO BUSINESS FUNDING OPPORTUNITIES:
“Lt. Governor Jon Husted announced the creation of three programs to help small and medium-sized businesses in Ohio during the COVID-19 pandemic. The programs will be administered by the Ohio Development Services Agency:”
Ohio PPE Retooling and Reshoring Grant Program
Ohio businesses and nonprofit organizations need personal protective equipment, which remains in short supply. We are working to solve that issue through the ingenuity of Ohio companies and their employees. The Ohio PPE Retooling and Reshoring Grant Program provides funds to help businesses innovate and create solutions to the PPE shortage.
Small and medium-sized manufacturers that retool existing facilities to make PPE or reshore PPE production to Ohio are eligible. The funding provides up to $500,000 per facility.
Needed PPE: Surgical masks, Gowns, Gloves, Community masks, Face shields, Thermometers, Hand sanitizer, Cleaning and sanitizing products,Other products and solutions.
Ohio Minority Micro-Enterprise Grant Program
Many Ohio small, minority- and women-owned businesses have been hard hit by the COVID-19 pandemic. The Ohio Minority Micro-Enterprise Grant Program provides $10,000 in funding to help these companies through the current crisis and set them up for the future.
To be eligible, businesses must have been certified as a Minority Business Enterprise or woman-owned EDGE-certified business as of Feb. 29, 2020; have 10 or fewer employees and up to $500,000 in annual revenue; and have not received funding under the federal CARES Act.
To qualify, businesses must be current on all taxes and private or public loans. Grants will be awarded on first-come, first-served basis.
Appalachian Growth Capital Loan Program
Many small businesses in Ohio’s Appalachian region have been hit hard by the COVID-10 pandemic. The Ohio Development Services Agency and the Governor’s Office of Appalachia will provide $10 million in funding to help these businesses through the crisis.
This new loan program provides funding to the Appalachian Growth Capital LLC, which is a U.S. Treasury-Certified Community Development Financial Institution that provides small business financing in the 32-county Appalachian region of eastern and southern Ohio.
- Businesses located in the 32-county region with less than $40 million of revenue in the most recently completed tax year are eligible.
- Appalachian Growth Capital will offer loans to small businesses at 2 percent interest.
- The maximum loan amount is $500,000, and businesses will have the ability to defer payment for up to six months.