Women-owned businesses to receive more than $1M in support
The Ohio Department of Development (Development) this month announced more than $1 million in support for four Ohio businesses approved by the Ohio Minority Development Financing Advisory Board (MDFAB) during its monthly board meeting. The support helps minority- and women-owned businesses sustain and expand their operations.
"Supporting Ohio’s minority and women-owned entrepreneurs with equitable business loan funding isn’t just an investment," said Lydia Mihalik, director of Development. "It’s a commitment to unlocking the full potential of disadvantaged businesses, fostering economic inclusivity and driving sustainable growth across communities."
MDFAB approved these actions:
AC Green LLC (Athens County) was approved for $425,000 from the Women's Business Enterprise Loan Program. The company is a women-owned, full-service interior design firm specializing in creating approachable spaces. The metal fabrication and design company specializes in custom stair rails, metal decorative doors, signs, artwork and other custom metal fabrication requests. The funds will be used to purchase a new facility. The funds will also help retain nine employees and may create nine new jobs.
Guice Consulting Firm LLC (Allen County) was approved for $127,465 from the Women's Business Enterprise (WBE) Loan Program. The WBE firm specializes in grant writing, grant management services, program development and nonprofit business acquisition. The funds will be used for site improvements, planning and furnishing. The funds will also help retain one employee and may create four new jobs.
Pure Beauty & Extension Bar LLC (Hamilton County) was approved for $402,011 from the Women's Business Enterprise Loan Program. The nationally certified WBE skin care clinic provides high-quality skincare treatments, clinical skin care and products. The funds will be used to refinance a bank loan for the purchase of property. The funds will also be used to retain two employees and may create five new jobs.
Tia’s Café LLC (Franklin County) was approved for $61,748 from the Women's Business Enterprise Loan Program. The women-owned café serves modern blended cultures and spices and contemporary international and multicultural cuisine with influences from American diners and African mainstays. The funds will be used to site improvements and equipment purchases. The funds will also be used to retain five employees and may create 10 new jobs.
To date, Development has provided nearly $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. MDFAB consists of 10 members: seven appointed by the governor, one appointed by the president of the Senate and one appointed by the speaker of the House of Representatives. The Director of Development's designee is also a voting member.
More information about loans and other capital assistance programs can be found online at Minority.Ohio.Gov.