New loan program aims to help Ohio minority and women-owned businesses

DAYTON, Ohio (WDTN) – Ohio Governor Mike DeWine and Lieutenant Governor Jon Husted have announced a new loan program to support small businesses owned by women and minorities.

Between the increase in cases of delta variants and some receiving no relief from small businesses during the pandemic, Miami Valley business owners said any help they could get will keep their doors open.

“The heart of America is small business, so you have to keep small businesses going,” said Anthony Thomas, owner of Taco Street Co.

Thomas owns the Mall Restaurant in Fairfield Commons. He said business has been sluggish lately and this state support could make a big difference.

“Even if this is all a loan, it would still help because, you know, right after this time of COVID, I mean we have to get over that to survive,” Thomas said.

The first loan, the Women’s Business Enterprise Loan Program, will offer a loan between $ 45,000 and $ 500,000 to cover the costs of equipment, machinery and real estate. The second loan is the Ohio Micro-Enterprise Loan Program which offers $ 10,000 to $ 45,000 to minority and women owned businesses at 0% interest rate.

After receiving no help from other small business assistance programs, like the Paycheck Protection Program, Entrepreneur’s Connection owner Tae Winston said it could be the help she was missing.

“They told me that the money was no longer there, or that I was too new to the business, so I couldn’t receive it, but once I do, I will. deliver directly to my stores. It would just be a blessing to know that I could keep my doors open and that I can continue to give back to the community, ”said Winston.

Winston said that to keep her doors open for the long haul, she needs to be creative by having longer hours, offering deals and hosting events.

For more loan information, including program guidelines and fact sheets, visit minority.ohio.gov.

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