Ohio Small Business Loans – Women and minority entrepreneurs can take advantage of a loan and grant program recently announced by the State of Ohio and Franklin County.
The Franklin County Community Equity Fund is helping small businesses through the coronavirus pandemic with sustainability grants of up to $10,000 and startup grants of up to $5,000.
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Applicants who meet the program requirements are also eligible to receive $1,000 per W-2 employee (maximum $5,000 per employee).
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Grant applications, which she has until November 8, can be found on her Columbus Urban League website, cul.org.
The fund was established by the Franklin County Business Development Evaluation Alliance, a partnership of the Franklin County Commission, One Columbus, and the Columbus Urban League. The Commission has allocated $1,000,050 in federal funds from the American Savings Plans Act of 2021.
“More than 3,500 applications for additional small business grants have already been filed, totaling more than $20 million,” said Stephanie Hightower, president and CEO of the Columbus Urban League. rice field. “This high demand is an exciting one that highlights how important it is for black entrepreneurs that all businesses thrive and be part of an inclusive economy serving people of all races. It’s the way.”
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The Stabilization Grant, also known as the Open Door Grant, is available to Franklin County businesses with 25 or fewer employees that began operations on October 7, 2019.
The Startup Grant, known as the New Ventures Grant, is available to Franklin County businesses with 25 or fewer employees that begin operations between October 8, 2019 and September 7, 2021.
Earlier this month, Gov. Mike DeWine and Lt. Gov. John Husted announced two new lending programs that benefit both minority businesses and women-owned businesses in Ohio.
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The Women’s Business Loan Program offers loans from $45,000 to her $500,000 at below market interest rates, currently as low as 3%. Eligible companies must be certified as a Women’s Business Enterprise (WBE).
The Ohio Micro Loan Program offers her loans from $10,000 to $45,000 at 0% interest. Eligible companies must be certified as a WBE or Minority Business Enterprise (MBE).
“Governor DeWine and Lieutenant Governor Hasted have made it clear from the beginning of their administration that everyone has a stake in Ohio’s success,” Chief Development Officer Lydia Mischalik said in a news release. “These loans will fund the success of many minority- and women-owned businesses across the state.”
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The Women’s Business Loan Program put her $10 million into her final $74 billion state budget. The Ohio Women’s Coalition has met with state officials, including Mihalik, to help push for more financial support for women-owned businesses.
“When the budget was presented and I saw $10 million in debt,” Rachel Winder, executive director of the Ohio Women’s Union, said in a previous interview. “We didn’t know it would necessarily be included, so we’re very excited.”
According to the guidelines, loans for equipment and vehicles must be repaid within 10 years, and real estate owned within 15 years.
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Ohio’s small business loan program also has her $10 million in the state budget. These loans are repayable within 5 years for fixed working capital and within 7 years for equipment. Here’s How The Small Business Loan Program Failed In 4 Weeks She says businesses no smaller than Shake Shack and organizations like the LA Lakers get loans for struggling small businesses I was able to. what happened?
A sign in a store window in Gros Point Woods, Michigan. A wage protection program aimed at weathering small businesses from the coronavirus crisis is in trouble. Paul Sancia/AP Hide Captions
A sign in a store window in Gros Point Woods, Michigan. A wage protection program aimed at weathering small businesses from the coronavirus crisis is in trouble.
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Trish Pugh founded Ohio Trucking Company in 2015 with her husband. Even SMEs are small in scale. She had two drivers, including her husband, until the coronavirus crisis forced her to lay off one.
So her company applied for a loan under the first round of the Wage Protection Program created by the federal government to help small businesses.
First, there was some confusion between her, her banker, and the Small Business Administration about what documents to apply for. And she quickly realized that she had actually lost money.
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“When I click on the website, it says I have to reapply when more funds become available.I am so shocked,” she said.
Not only did the first pot of PPP she run out in 13 days, but an independent like Pu could only apply for her for a week.
While preparing to tackle the second round of the $321 billion program, Pu said, “We’re basically ready to lose everything. And it’s really sad because we did it all ourselves in the first place. ‘ said. “We can’t help now that help is needed.”
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She later updated that Pooh had received a loan of just over $10,000. That would help, but I don’t know how long his business will last.
Grievances like Pugh’s have become common since the implementation of the Small Business Relief Program. But her experience was just a small part of the problems PPP faced in the first round, when the program’s funding dried up, and the shaky start to the second round. Here is the list:
SHDBH was established to provide financing to companies with less than 500 employees. However, some large companies operating in separate locations with fewer employees under a franchise model have also applied for and received loans. For example, Shake Shack employs approximately 8,000 people across 189 restaurants in the United States, but each has only about 45 employees.
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So the chain applied for and received a $10 million loan from SBA, but it met with a public backlash, especially after evidence emerged that many smaller restaurants in need were unable to get the loan. invited. Shake Shack immediately issued a refund. The company said it has $104 million in cash and liquid assets and has secured other loans to cover the funds received from SBA.
Similarly, Ruth’s Chris Steak House chain, which employs about 5,700 people, received a total of $20 million and returned it.
Then there were organizations that weren’t what many would call small businesses. Along with basketball team Los Angeles Lakers, it is the eighth most valuable sports team in the world, worth about $3.7 billion, according to Forbes.
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However, the Lakers applied for and received a $4.6 million small business loan. After the report, the Lakers decided to bring it back again.
“We realized that the program was underfunded and repaid the loans so that financial assistance could reach those in need,” the team said in a statement.
Shortly after public outrage against large, well-known companies increased, the SBA announced it would give tighter scrutiny to PPP loan applications over $2 million.
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Banks paid out more than $10 billion, even though tens of thousands of small businesses were barred from the program, according to an analysis of financial records.
SBA-guaranteed loans carried little risk and banks were happy to offer higher loan amounts, but with higher fees as a result.
The big companies we know are now taking loans. Businesses no longer seem to have to struggle to get loans.
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Chembio Diagnostics, a Long Island, New York-based company that manufactures infectious disease tests, received about $3 million from the program.
It was exactly the kind of cash injection the company needed to fuel its growth. “We saw this additional funding and borrowing as very beneficial to increase our manufacturing capacity,” said Gail Page, a Chembio board member and she is Chembio’s former interim CEO. .
The problem is that the program was not designed to help businesses grow. It was designed to help small businesses, non-profits, and self-employed people struggling to make ends meet and pay their pensions and utility bills.
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Those who were lucky enough to receive the money said the money would keep their businesses going. But some owners said the PPP rules did not allow the funds to be used in the best possible way.
One of their biggest complaints is having to use 75% of the forgiven loan amount to pay their wages. The rest can only be spent on a few categories, such as rent, mortgage interest, and utility bills.
But with many businesses unable to reopen, employers are wondering how they can spend so much money on wages when employees have little or no work to do.
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“We understand very well that this program encourages people to get back to work,” said Christian Piatt, partner of Brew Drinkery in Granbury, Texas. “But really, if you have a retail store,
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