State investing more than $337,000 to support Ohio women-owned businesses
The Ohio Department of Development recently announced $337,753 in support for Ohio women-owned businesses. The Ohio Minority Development Financing Advisory Board (MDFAB) approved the funding during its monthly meeting.
"The Department of Development is committed to removing barriers and providing resources for Ohio’s small businesses,” said Lydia Mihalik, director of the Department of Development. "Loans like these often serve as a lifeline, providing businesses with new opportunities to grow.”
Businesses receiving support include:
MOD Network LLC (Cuyahoga County) was approved for a $203,213 Women's Business Enterprise loan. Founded in 2019, the company specializes in management consulting, HR consulting, organizational development and management training. The funds will reduce a previous loan's interest rate from 7.9 percent to 1.5 percent, providing the company with an opportunity to expand and offer additional services.
The Water Ice Shoppe LLC, dba Marlow's Cheesesteaks (Franklin County), was approved for a $134,540 Women's Business Enterprise loan. The counter-service restaurant makes Philly cheesesteaks, French fries and water ice. The funds will be used to pay off existing business debt.
Since January 2022, Development has provided more than $24.6 million in support to more than 270 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 at Minority.Ohio.Gov, and eligible business owners can start the loan application process Department of Development's website.
The Ohio Department of Development empowers communities to succeed by investing in Ohio’s people, places and businesses. Learn more at development.ohio.gov.
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