Johnson Announces New Loan Programs Supporting Women and Minority Business Owners

COLUMBUS –State Representative Mark Johnson (R-Chillicothe) today announced two new loan programs geared specifically to support minority-owned and women-owned businesses in Ohio.

The loan programs – Women's Business Enterprise Loan Program and Ohio Micro-Enterprise Loan Program – were included in the state’s operating budget, which was passed in June by the Ohio General Assembly.

“I’m excited to see how these new loan programs will help our local businesses grow, create new jobs and boost Ohio’s economy,” said Johnson. “I’m proud to have worked on a budget that provides resources and opportunities such as these, and I encourage our local businesses to look into applying.”

The loan programs include:

1. Women’s Business Enterprise Loan Program: 

• At or below market rate and currently are up to 3%
• The loan amount must fall between $45,000 -$500,000
• Loans will be repaid within 10 years for equipment and machinery and 15 years for owner-occupied real estate
• Businesses must be 51% ownership and control by women or be certified as a Women-owned Business Enterprise (WBE)

2. Ohio Micro-Enterprise Loan Program:

• 0% interest rate
• The loan must fall between $10,000-$45,000
• Loans will be repaid within five years for permanent working capital and seven years for equipment
• Businesses must be certified as a Minority Business Enterprise (MBE) or a Women-owned Business Enterprise (WBE)

The Ohio Department of Development through the Minority Business Development Division will administer the programs. It joins four other capital programs offered by Development: the Ohio Minority Business Bonding Program, the Ohio Minority Business Direct Loan Program, the Collateral Enhancement Program, and the Ohio Capital Access Program.

For more information on the loan programs, please click here.