On Tuesday, June 2, Ohio Governor Mike DeWine and Lt. Governor Jon Husted announced three new loan and grant programs to support small- and medium-sized businesses through the coronavirus pandemic.
To be administered by the Ohio Development Services Agency, one program will offer grants to businesses manufacturing personal protective equipment (PPE), another grant program will support businesses owned or operated by minorities or women, and the third will provide loans for businesses in Ohio’s Appalachian region.
“Ohio businesses are working hard to reopen responsibly, and these programs can give them a boost,” Governor DeWine said. “The new funding initiatives will help sustain businesses in the short term and position them for growth in the long term.”
Ohio PPE Retooling and Reshoring Grant Program
Funds of $20 million will be used for the Ohio PPE Retooling and Reshoring Grant Program, award in grants of up to $500,000.
Grant funds can be used by small- and medium-sized manufacturers to offset costs incurred to acquire equipment necessary to manufacture PPE, retool, or construct facilities in Ohio to manufacture PPE (including, but not limited to, building costs, design/engineering costs, facility expansion, complying with FDA requirements) and technological upgrades. Expenses incurred after March 21, the date on which a state of emergency was declared in Ohio due to COVID-19, are eligible for reimbursement.
Up to 20% of the funding may be reserved for manufacturers with fewer than 25 employees and registered nonprofits.
Eligible companies must meet the following requirements:
- The applicant must qualify as a small business as defined by the SBA (typically 500 employees or fewer) or be an established nonprofit.
- The applicant must be able to produce the PPE solely at an Ohio facility owned and operated by applicant.
The applicant must be one of the following:
- An existing manufacturer that either has retooled or is planning to retool its facility or otherwise modify its manufacturing operation to produce at least one type of PPE.
- A new manufacturing operation being established for the purpose of manufacturing at least one type of PPE.
- A nonprofit corporation that has undertaken or will undertake activities necessary to manufacture at least one type of PPE.
Needed PPE includes surgical masks, gowns, gloves, community masks, face shields, thermometers, hand sanitizer, cleaning and sanitizing product and other products and solutions.
Applications are open here.
Ohio Minority Micro-Enterprise Grant Program
$5 million has been allotted to the Ohio Minority Micro-Enterprise Grant Program with grants of $10,000 to be awarded on a first-come, first-served basis for up to 500 minority- and women-owned businesses.
To be eligible businesses must:
- Be state-certified Minority Business Enterprises (MBE) and/or women-owned businesses with state certification in the Encouraging Diversity Growth and Equity (EDGE) Program
- Have annual revenue of up to $500,000
- Have 10 or fewer employees
Businesses that have received federal assistance through the federal CARES Act are not be eligible.
Applications are now open under the ‘Business & Nonprofit Support’ tab here.
Appalachian Region Loan Program
The $10 million Appalachian Regional Loan Program is exclusively for businesses in the 32-county Appalachian region of Ohio. U.S. Treasury-certified Community Development Financial Institution Appalachian Growth Capital LLC will offer low-interest loans of up to $500,000 to small businesses in the region to help them through the current economic crisis. Loan recipients will have the ability to defer payments for up to six months.
Business will apply at appcap.org.
Find more information under the ‘Business & Nonprofit Support’ dropdown at businesshelp.ohio.gov.