It is tough to start and run a small business in Ohio. Despite the fact that the federal government does not provide grants for beginning and expanding a business, some Ohio small business grants are available to help entrepreneurs and minorities launch and grow their businesses.
The award winners are not required to repay the government. As a result, small company grants should be considered as one of your financial possibilities.
Every year, the business sector receives the majority of the federal budget in government grants. Small businesses and large enterprises are the backbones of Ohio’s economic growth, and they have more than $25,414.00 million in grants and $19,115.00 million in additional local government financing sources.
Small business grants are offered in many counties in Ohio, including Columbus and Toledo, as well as minorities.
You might be able to apply for small business funding if you work in agriculture. Over 76,000 farms are located in the state of Ohio.
Ohio Small Business Relief Grant
COVID-19 has damaged Ohio firms, and the Ohio small business grants will help them.
Governor Mike DeWine has set aside up to $125 million in federal CARES Act assistance for small companies in Ohio to help them weather the current crisis. However, the application time for the program has concluded.
Grants for Small Business in Ohio
On a daily and monthly basis, the funds and programs described below are updated. As a result, veterans, Black businesses, Asians, Latinos, and women-owned enterprises receive low-interest loans or subsidies. Some of these company subsidies are widely distributed throughout Ohio, particularly in Toledo. Below are some Ohio small business grants available.
1.Toledo and Lucas County small business grant Ohio
Grants are available in Toledo and Lucas County, Ohio, for both non-profits and private, for-profit organizations. The monies will primarily benefit minority, veteran, and women-owned businesses.
They can also use the money to pay for things like power, rent, and accommodation, as well as other small-business costs. They prioritize businesses owned by black, Latino, female, and other underserved people. This is one of the nicest Ohio small business grants
2.Business Growth and Equity Alliance
Citizens of Columbus and Franklin County can apply for funding from the Business Growth and Equity Alliance. As a result, the Columbus Urban League will provide roughly $1.6 million in grants to minority (Black, Asian, Latino, and women-owned) and women-owned businesses.
Additionally, free technical assistance is provided to aid them in establishing their firm, increasing revenues, and receiving assistance. The free awards will be distributed by the Urban League.
3.Ohio Women’s Business Centers
Women’s Business Centers of Ohio has a number of locations throughout the state where awards are distributed, including Cincinnati, Toledo, Cleveland, and Columbus. This Ohio small business grants is targeted towards business women only. The Women’s Business Center of Ohio offers free services to women-owned businesses and female entrepreneurs.
Free computer labs, training classes, networking opportunities, loan information, mentorship and coaching from volunteer female business entrepreneurs (including Black and Brown women), and much more are also available.
4.Team for Minority Business Empowerment
A free $2000 award will be offered to minority-owned and established businesses in Sandusky, Ohio. The funds, on the other hand, are provided by the Minority Business Empowerment Team. As a result, dozens of businesses will receive monies that they can use to pay bills.
The Economy Development Corporation, a local non-profit organization in Erie County, Ohio, is one of the grant recipients. This is another great Ohio small business grants for the minor.
5.The CARES Act (was enacted to help people who are suffering from addiction)
A total of $8 million in small business grants is distributed in Franklin County and the City of Columbus. CARES Act subsidies will benefit both small and new enterprises in the county. Black-owned, Latino-owned, women-owned, Asian-owned and other minority-owned firms are frequently given preference. As a result, this is a grant program that is completely free of charge.
If you reside in California or you wish to know more about small business grants in California, click here.
Grants for Small Businesses in Toledo and Columbus Ohio
We are aware that many people are experiencing difficulties as a result of COVID-19’s misunderstanding. For assistance in the Toledo region, please see the list below.
1.Business/Nonprofit
In reaction to the COVID-19 outbreak, small businesses and organizations can get financial help. The Toledo Chamber of Commerce’s local Business Development Services established the Small Business Administration’s (SBA) Economic Injury Disaster Loan Process.
Small businesses, on the other hand, are those with 500 or fewer employees. As a result, this program offers low-interest loans to businesses and NGOs in order to assist them in overcoming temporary revenue shortfalls.
2.Opportunities for Artists
The Arts Commission re-allocated $10,000 to a new grant program for artists whose performances, exhibitions, and events have been canceled as a result of the COVID-19 outbreak in Ohio, recognizing the urgent need for help for local artists’ small businesses affected by the pandemic.
As a result, within 24 hours, the number of requests had topped the $10,000 financing cap. The Arts Commission is now soliciting funds for the second round of Musicians’ Emergency Grants. As a result, if more cash is found, the award will be available to new applicants. We thank you for your patience as we attempt to help as many individuals as possible in this dire situation. This is another of the great Ohio small business grants.
3.10,000 Small Businesses Initiative by Goldman Sachs
The City of Columbus is thrilled to be partnering with Goldman Sachs to bring the 10,000 Small Businesses Initiative to Columbus. As a result, this project will provide a terrific chance for Columbus business owners to have access to tools, funds, and information that can aid their company’s growth in Ohio. They will also be able to create a strong professional network at no expense to themselves.
Businesses must have a minimum of $150,000 in revenue, four employees, and have been in operation for at least two years to be eligible. For additional information, go to their website.
4.Compensation for Unemployment
Ohio’s unemployment benefits will be changed, according to Governor DeWine. The order issued by Governor DeWine broadens state policy by stating that persons who are quarantined are considered unemployed. This also applies to firms who opt to close their doors for a period of time.
The decree also eliminates the standard one-week waiting period for benefits. The state does not want to penalize employers in the future by raising their taxes. As a result, the benefits’ expenses will be spread out across time. For the duration of the emergency, fines for late filing and payment will be waived.
5.JumpStart
JumpStart is a venture development firm that combines (private) venture capital and (non-profit) economic development concepts. As a result, this is to help entrepreneurs develop and grow enterprises ranging from venture-backed startups to traditional small businesses.
Small businesses can also take advantage of JumpStart’s free webinars.
The Honeycomb Crowd-funded Small Business Relief Loan, Paid Leave Relief, and the Ohio Liquor Buyback Program are all available to small enterprises.
Conclusion
It is not easy to start and run a small business in Ohio. In the state of Ohio, over $171,931,000,000.00 is spent on employee salaries and payroll, while over 72,924 enterprises file for bankruptcy per year.
Although the federal government does not publicly provide Ohio small business grants for beginning and expanding a firm, but small business grants are available in Ohio to help entrepreneurs start and grow their businesses, and grant recipients are not required to repay government funds.
As a result, it makes sense to consider Ohio small business grants as one of your funding options.
