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CDFI Loan Program supports Ohio business growth with $3M in funding

Ohio Department of Development, Press Release

The Ohio Department of Development's' Community Development Financial Institution Loan Participation Program (CDFI LPP) recently provided $3 million in support to 81 Ohio businesses, helping them to build economic strength.

“We are committed to lifting up minority-owned, women-owned, and socially and economically disadvantaged businesses, making sure they receive equitable access to these important financial resources,” said Lydia Mihalik, Director of the Ohio Department of Development. “We know this funding will help businesses grow and succeed, and in turn, positively impact Ohio’s economy.”

CDFI Administrators operate the CDFI LPP, which is part of the Federal State Small Business Credit Initiative (SSBCI) program. The program provides loans to socially and economically disadvantaged individuals, very small businesses, and businesses located in CDFI tracts. Loans of up to $1 million are available for land, buildings, machinery and equipment, or can also be used to support working capital needs, such as inventory or payroll.

A full list of recipients can be found at:….

One of the recipients, Kyle James, owner of DeJames Development, LLC., of Portsmouth, received more than $95,000 from the CDFI LPP in September 2023. Unable to receive financing through conventional programs, the program provided funding to build an all-in-one gaming center to host collegiate and high school gaming tournaments.

“Thanks to Ohio's CDFI LPP funding program, our gaming center will stand as a testament to what can be achieved when public and private entities join forces,” said Kyle James, co-owner of DeJames Development. “As we continue to grow, we remain grateful for the support that has allowed us to turn our passion into a potential thriving business that benefits both gamers and the broader community.”

Development handles the application process and underwrites, closes and services the loans. Loans focus on providing fair and responsible financing to urban, rural and underserved businesses not typically reached by mainstream finance.

Development administers the SSBCI program in Ohio through the Minority Business Development Division and the Ohio Third Frontier, splitting $52.4 million in funding among the CDFI LPP and three additional programs that became available in 2022 and 2023.

More information about loans and other capital assistance programs available to small, minority and disadvantaged businesses in Ohio can be found online at Minority.Ohio.Gov.

The Ohio Department of Development empowers communities to succeed by investing in Ohio’s people, places and businesses. Learn more at

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