Ohio Governor Mike DeWine and Lieutenant Governor Jon Husted have announced three new economic relief programs to support Ohio businesses:
Appalachian Growth Capital Loan Program The Ohio Development Services Agency and Governor’s Office of Appalachia are providing $10 million to help small businesses in the 32-county Appalachian region of Ohio, including Mahoning, Trumbull, Columbiana, Ashtabula, Holmes, Tuscarawas, and Carroll counties, and others in East, Southeast, and Southern Ohio.
Funding will be provided to Appalachian Growth Capital, which as a community development financial institution (CDFI), is dedicated to providing credit and financial services to underserved markets and populations. Appalachian Growth Capital will use the funds to create a loan program to support businesses affected by COVID-19. The program will provide loans of up to $500,000 at 2 percent interest with a repayments deferred for up to six months.
To be eligible, a business must have less than $40 million in annual sales in the most recently completed tax year and maintain 13-week cash flow projections.
Ohio Minority Micro-Enterprise Grant Program The Ohio Minority Micro-Enterprise Grant Program is intended to support small minority- and women-owned businesses in Ohio that have been heavily impacted by the COVID-19 crisis. The program, offered by the Ohio Development Services Agency, provides $10,000 in grant funding to eligible businesses. Grants will be awarded on a first-come, first-served basis. According to Governor DeWine, the program can fund up to 500 businesses.
Eligible business must meet the following criteria:
Be certified as a Minority Business Enterprises or women-owned EDGE-certified business as of February 29, 2020
Have 10 or fewer employees
Have no more than $500,000 in annual revenue
Be current on all taxes
Be current on all private and public loans
Not be a recipient of funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act
Ohio PPE Retooling and Reshoring Grant Program The Ohio Development Services Agency is offering a total of $20 million dollars in grants, at up to $500,000 per facility, to eligible manufacturers or nonprofit organizations to retool their facilities to make PPE (personal protective equipment) or reshore PPE production to Ohio.
To be eligible, a business must be:
A small business under SBA guidelines or a registered nonprofit organization
In good standing with the Ohio Department of Taxation and Ohio Environmental Protection Agency and registered with the Ohio Secretary of State
Able to produce eligible PPE solely at an Ohio facility that is wholly owned and operated by the applicant
Agreeable to making its best efforts to sell PPE made through this grant program in Ohio before pursuing out-of-state buyers
For more information about this program or to apply visit https://development.ohio.gov/bs/bs_ppe-rrgpg.htm.
To discuss these or other economic relief programs available to your business, contact your HBK Advisor.
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