Ohio Department of Development approves over $720K in support for minority-owned and women-owned businesses
The Ohio Department of Development recently announced the approval of more than $720,000 in support for three Ohio businesses by the Ohio Minority Development Financing Advisory Board (MDFAB) during its monthly board meeting. The support will help minority- and women-owned businesses sustain and expand their operations.
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 the Development’s designee is also a voting member.
“Supporting the growth and sustainability of small and minority-owned businesses is a top priority for this administration” said Lydia Mihalik, director of the Ohio Department of Development. “Loans approved by the Minority Development Financing Advisory Board help foster a more inclusive and dynamic business environment that leads to economic growth and prosperity for all Ohioans.”
MDFAB approved these actions:
• BBCO Design LLC (Fairfield County) was approved for $448,215 from the Women’s Business Enterprise Loan Program. The full-service architecture and interior design firm provides services in four sectors: Government/Institutional, Mixed-Use and Multi-Family, Early Childhood Learning and Corporate/Retail. The funds will be used to purchase leasehold improvements to the property, purchase and install office furniture, refinance existing term loans and may create two new jobs and retain 14 full-time employees.
• Inspiring Hope Counseling LLC (Williams County) was approved for $182,370 from the Women’s Business Enterprise Loan Program. The private practice offers clinical mental health counseling services for substance abuse treatment and individual outpatient mental health services and telehealth counseling. The funds will be used to purchase and renovate property and may create two new part-time jobs.
• Marie Darr dba Designs by Marie (Ottawa County) was approved for $90,000 from the Women’s Business Enterprise Loan Program. The sole-proprietorship provides personalized gift services consisting of custom T-shirts, personalized items such as photos on slate tile, custom laser engraved items along with laser cut wood designs and signs. The funds will be used to purchase property and retain one full-time employee.
In 2022, more than $9.3 million in loans were dispersed to more than 100 minority- and women-owned businesses, and additional funding for these programs remain.
More information about loans and other capital assistance programs can be found online at Minority.Ohio.Gov. Minority-business owners can start the loan application process at https://development.force.com/ODSA/s/minority-business-loan-form.
The Ohio Department of Development empowers communities to succeed by investing in Ohio’s people, places and businesses. Learn more about at development.ohio.gov.