The majority of the federal budget in government grants is put into the business sector every year. They have more than $25,414.00 million in grants and additional local government funding sources of $19,115.00 million, as small businesses and large corporations are the foundation of Ohio’s economic growth. These small business grants are available in the different counties in Ohio including Columbus, and Toledo including the minorities.
If you are into agriculture, you may be able to apply for small business grants as well. The state of Ohio is home to over 76,000 farms.
Starting and running a small business in Ohio is a difficult task. Although the federal government does not publicly provide grants for starting and expanding a business, some small business grants are given to business owners and minorities in Ohio to help them start and grow their ventures. The grant recipients don’t have to repay the government funding. As a result, it makes sense to consider small business grants as one of your funding options.
Small Business Relief Grant for Ohio
The Small Business Relief Grant will assist Ohio businesses that have been harmed by COVID-19.
Governor Mike DeWine has set aside up to $125 million in the federal CARES Act funding from the state of Ohio to provide $10,000 grants to small businesses to help them weather the current crisis.
However, the program’s application period has ended.
Minority Small Business Grants in Ohio
The funds and programs listed below are updated on a daily and monthly basis. So, some of the low-interest loans or grants go to veterans, LGBTQ, Black businesses, Asians, Latinos, and women-owned businesses. Some of these business grants a widespread in the different cities of Ohio, especially Toledo.
#1. Business Growth and Equity Alliance
Business Growth and Equity Alliance offers grants to citizens of Columbus and Franklin County. So, the Urban League of Columbus Ohio will devote approximately $1.6 million in grants to minority (Black, Asian, Latino, etc.) and women-owned businesses. Furthermore, free technical assistance is given to assist them in growing their business, the revenues, and receiving help. The Urban League is in charge of distributing the free grants. Call (614) 257-6300 for more information.
#2. Toledo and Lucas County small business grant Ohio
Toledo and Lucas County in Ohio are providing grants to assist both non-profits and private, for-small businesses. The majority of the funds will go to minority, veteran, and women-owned businesses. They can also use the funds to cover expenditures such as electricity, rent, and lodging, as well as other small business expenses. They give priority to black, Latino, female, LGBTQ, and other underserved businesses. You can learn more about it here.
#3 The CARES Act
In Franklin County and the City of Columbus, $8 million is given out as small business grants. The county is receiving CARES Act grants, which will assist both small businesses and new businesses. Priority is frequently given to black-owned businesses, Latino-owned businesses, women-owned businesses, Asian-owned businesses, and other minority-owned businesses. So, this is a no-cost grant program. You can obtain applications by calling (614) 257-6300.
#4. J. The Phillip Holloman Endowment Fund
Minority-owned businesses in Cincinnati may apply to the J. The Phillip Holloman Endowment Fund. The City Chamber of Commerce is in charge of it. So, minority-owned businesses (including Black, Latino, Native American, Asian, and others) may apply for funding to help them expand. It is a fast-track program. Equity investments, loans, or grants are available, as well as free advice and business assistance. First Financial Bank is a collaborator. You can also get more information on the application here.
#5. Minority Business Empowerment Team
Minority-owned and established businesses in Sandusky, Ohio, will apply for a free $2000 grant. However, the money comes from the Minority Business Empowerment Team. So, dozens of companies will receive the funds, which they can use to pay some kind of bill. Grants offers are in collaboration with local non-profit organizations in Erie County, Ohio, including the Economy Development Corporation. Please apply here.
#6. First Financial Bancorp
Small businesses in Columbus, Ohio, will apply to the First Financial Bancorp grant offer. The bank is providing grants of up to $2500 to small enterprises operated by Black, Indigenous, Latino, and people of color (BIPOC). Also, the Columbus Urban League has joined forces with the lender. The Small Business Resiliency Program is responsible for all of the grants. The funds are for the Columbus metropolitan area, which includes all surrounding counties. Find out more here
#7. Women’s Business Centers of Ohio
Women’s Business Centers of Ohio have many locations in the state for the distribution of grants, including Cincinnati, Toledo, Cleveland, and Columbus. WBC of Ohio provides free services to women-owned companies and female entrepreneurs. There are also free computer labs, training programs, networking opportunities, loan information, mentoring and coaching from volunteer female business owners (including Black and Brown women), and much more. Learn more about the centers and their support services here.
#8. Cleveland’s Urban League
The Cleveland Urban League is assisting minority-owned companies in the city. The Small Business Development Center (SBDC) and the UBIZ Center are in charge of the services. So loans and financial assistance are available. Alternatively, you can also receive free technical consulting services, learn about additional small business funding, contract sales opportunities, and other support services. On-site, there is also an Entrepreneurship Center. You can also find more information here.
#9. The Huntington Lift Local Small Business grant Ohio
The Huntington Lift Local Business program is provided by an Ohio-based lender. So, millions of dollars are being set aside to assist veteran, female, and minority-owned businesses. The lender is also collaborating with the SBA to help disadvantaged businesses obtain funding. As part of their loans, Huntington Bank will offer lower credit score requirements. So, there are no origination fees, and flexible, longer repayment terms. Find more information about the program here.
Read Also: Illinois Small Business Grants: Top Picks
Grants for Small Businesses in Toledo and Columbus Ohio
We know that many people are struggling during this period of confusion induced by COVID-19. Please see the list below for assistance in the Toledo area.
#1. Business/Nonprofit
Small businesses and charities can access financial resources in response to the COVID-19 outbreak. The Small Business Administration (SBA) Economic Injury Disaster Loan Process has been developed through the Toledo Chamber of Commerce’s local Business Development Services. Meanwhile, small businesses are those with 500 or fewer employees. So, this program provides low-interest loans to businesses and nonprofits to help them overcome temporary revenue losses.
According to Bill Wersell of the SBDC, this is not a quick fix and will necessitate documentation. The SBDC also advises business owners to begin contacting lenders, suppliers, landlords, and others to defer payments. The SBDC will assist companies in every way they can. So, if you have any questions or need help with this program, you can leave a comment at the bottom of the page. You may not have to be a Chamber member to use these facilities.
#2. Small Enterprise
JumpStart
JumpStart is a venture development company that incorporates the concepts of (private) venture capital and (non-profit) economic development. So, this is to assist entrepreneurs in launching and expanding companies ranging from venture-backed startups to conventional small businesses.
Check out their Entrepreneur Toolkit if your company is in need of help right now or may need help getting back on its feet in the future.
JumpStart also provides free webinars for small businesses. Visit their website at .
Also, other services for small businesses include the Honeycomb Crowdfunded Small Business Relief Loan, Paid Leave Relief, and the Ohio Liquor Buyback Program.
#3. Workforce Development
While the OhioMeansJobs Lucas County building is no longer accessible to the public, companies. Also, employees can still get support from workers by phone, email, or online.
Small businesses in Ohio in need of assistance or grants will also obtain assistance in hiring personnel, handling future force reductions, and preparing for the coming weeks. Staff will continue to reach out to employers to assess their needs. They will follow up on ongoing programs and assist companies that may be eligible for small business grants from Ohio. Employers in need of assistance should call 419-213-3300.
Individuals can also get support from OhioMeansJobs workers on the phone or online. So, there they can search and apply for jobs, develop a resume, and learn about the different resources available. Unfortunately, face-to-face meetings with workers are on hold until the COVID-19 crisis has passed. However, people who need to drop off paperwork should contact their case managers to make appropriate arrangements.
#4. Unemployment Compensation
Governor DeWine has announced changes to Ohio’s unemployment benefits. Governor DeWine’s order broadens state policy to clarify that people who are quarantined are considered unemployed. This also applies to businesses that decide to temporarily close their doors. The order also waives the usual one-week waiting period before receiving benefits. The state does not want to punish employers by raising their taxes in the future. So, the costs of the benefits will be shared over time. Also, the penalties for late filing and payment will be waived for the duration of the emergency.
Ohioans can apply for unemployment benefits online 24 hours a day, seven days a week at unemployment.ohio.gov. If at all necessary, we allow people to file online. They may, however, file by phone at (877) OHIO-JOB (1-877-644-6562) or TTY at (888) 642-8203. They are available from Monday through Friday, 8 a.m. to 5 p.m. – 5:00 p.m.
#5. Artist Opportunities
Recognizing the urgent need for assistance for local artist’s small businesses affected by the COVID-19 pandemic, 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 crisis in Ohio.
So, within 24 hours, the number of requests had surpassed the initial funding limit of $10,000. The Arts Commission is currently fundraising for the second round of Emergency Grants for Musicians. So, if additional funding is obtained, the grant will be reopened to applicants. We appreciate your patience as we work to assist as many people as possible in this extraordinary need.
Emergency Grants for Artists are awarded on a first-come, first-served basis, with no set deadline. Grants of $500, $250, and $100 are available.
More information, including how to donate and apply, can be found here.
#5. Greater Toledo Community Foundation
The COVID-19 Response grant was founded by the Foundation to assist local nonprofit small businesses in Ohio impacted by the coronavirus. The grant application process is in detail here. Those interested in contributing to the fund can do so here.
#6. Goldman Sachs 10,000 Small Businesses Initiative
The City of Columbus is delighted to collaborate with Goldman Sachs to bring the Goldman Sachs 10,000 Small Businesses Initiative to Columbus. So, this initiative will provide a fantastic opportunity for business owners in Columbus to gain access to tools, grants, and knowledge that will help them grow their companies in Ohio. It will also allow them to build a powerful professional network at no cost to them.
Eligible businesses must have at least $150,000 in revenue, four employees, and operate for at least two years. Visit their website for more information.
Can the Government Provide Me with Assistance to Launch My Own Company?
To help new businesses get off the ground, the government offers a wide variety of incentives in the form of everything from reduced prices and free equipment to cash prizes. Government handouts typically take the form of a direct grant.
Where Can I Locate Grants for Regional Businesses?
Small-business grants are available from state and federal institutions as well as from private businesses. Your local Small Business Development Center, the government database Grants.gov, and nonprofit organizations like the Local Initiatives Support Corp. are a few useful areas to start your search.
Do Start-up Grants Require Repayment?
A grant is a money granted to your company by a philanthropist, a corporation, or the government. Grants are effectively unearned funds that you don’t have to repay.
Can I Get Funding for a Business Venture?
Government grants for small enterprises are popular among entrepreneurs since they do not have to be repaid, unlike bank loans that must be repaid with interest.
Are Company Loans with LLCs Challenging to Obtain?
Typical Conditions for Obtaining a Business Loan through an LLC. There is no difficulty in obtaining a loan as an LLC, in spite of what some business owners may believe. Comparable to the majority of business loans available to larger organizations, the typical prerequisites for obtaining a business loan with an LLC are similar.
Conclusion
Although the covid-19 pandemic was a huge drawback on nations’ economy, the market is fast recovering and the Ohio grants are available to businesses to help them stand firm again. Running and sustaining a business in Ohio is demanding as a lot of businesses go bankrupt yearly, however, grants can be a relief to your business.
Ohio Small Business Grants FAQs
Is Ohio Small Business Relief Grant taxable?
The Department updated its FAQs on its COVID-19 tax relief page setting forth its guidance that EIDL advance grants authorized by the CARES Act are included in gross receipts for Ohio CAT purposes. Further, COVID-19 relief grants issued by counties are also taxable gross receipts according to the Department’s FAQ
What can the small business grant be used for?
The Grant can be used to cover business expenses for which no other government support is available. The Grant will be available to businesses across New South Wales that meet the eligibility criteria detailed in this document
Do you have to pay back a grant?
Grants are typically awarded on the basis of need and generally do not have to be repaid as long as you meet all of the obligations. You are eligible for grants based on your family’s ability to pay, the cost of your education, and certain merit criteria
