Department of Development helps women-owned businesses expand operations
The Ohio Department of Development recently announced more than $360,000 in support for three Ohio businesses. The Ohio Minority Development Financing Advisory Board approved the funding during its monthly board meeting.
The support helps minority- and women-owned businesses sustain and expand their operations.
"This type of financial support acts as a cornerstone for empowering and sustaining women-owned businesses in Ohio," said Lydia Mihalik, director of the Ohio Department of Development. “The support these businesses are receiving today, will help spark innovation, grow their operations and create an environment for them to thrive in their communities.”
Businesses receiving support include:
• EJS Construction, LTD (Cuyahoga County) was approved for $217,500. The company is a full-service general contractor specializing in insulation, fire-stopping and general interior construction and renovations. The company performs work in healthcare, educational, commercial and industrial facilities. The funds will be used to purchase a new building and help with hiring new employees.
• MHH Holdings, LLC (Allen County) was approved for $93,000 to refinance business debt for a lower fixed monthly payment. MHH Holdings is a full-service deli, meat market and bakery.
• Solopreneur Solutions, LLC (Warren County) was approved for $54,208. The company provides online marketing services, public relations, content creation and social media management to small businesses. The funds will be used to refinance existing short-term business debt at a lower interest rate and a lower fixed monthly payment.
To date, Development has provided more than $20 million in support to more than 200 minority- and women-owned businesses through the Women's Business Enterprise Loan Program, the Minority Direct Loan Program, the Ohio Micro-Loan Program, and the Ohio Minority Business Bonding Program. Additional funding remains available for these programs.
MDFAB reviews and makes recommendations on loans and surety bond requests. More information about loans and other capital assistance programs 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 development.ohio.gov.