Ohio Governor Mike DeWine has signed three new funding opportunities for small and medium-sized businesses in Ohio. Two of the programs offer grants to businesses that either manufacture personal protective equipment (PPE), or are owned and operated by minorities or women. The third will make loans available to businesses in Ohio’s Appalachian region, which covers 32 counties that span from the edge of Cincinnati to the eastern border of Ohio, up to Lake Erie.
Ohio PPE Retooling and Reshoring Grant Progam
This program will award up to $500,000 to small and medium-sized manufacturers who have or are shifting to produce PPE. The goal is to aid manufacturers in repurposing existing facilities. Funds can be used to offset costs incurred to acquire equipment, retool or construct facilities.
The program will be funded with $20 million. Up to 20% of the funding may be reserved for manufacturers with fewer than 20 employees.
Ohio Minority Micro-Enterprise Grant Program
This $5 million program will provide grants to help minority or female-owned businesses. Eligible businesses can apply for the grants of $10,000 per business.
NOTE: Businesses that have received federal assistance through the CARES act are not eligible.
Appalachian Region Loan Program
This loan will benefit small businesses in the 32-county Appalachian region of Ohio, that have been adversely affected by COVID-19. The State would loan $10 million to Appalachian Growth Capital LLC, who would then offer low-interest loans to small businesses in the region. The maximum loan amount will be $500,000 and businesses would defer payment for up to six months. Full information can be found at Appalachian Growth Capital’s website.
Ohio’s small businesses can learn more about these programs and other available resources by going to the Office of Small Business Relief and Development.
Contact your HW&Co. advisor if you have any questions or need any assistance.