The Ultimate Guide to Ohio Small Business Grants in 2022
Small businesses everywhere have been adversely affected by the pandemic. Ohio, like many other states, understands the plight of small businesses and has created various grant programs to aid them. The Ohio Development Services Agency (DSA) and the Ohio Development Finance Authority (DFA) are two such agencies that provide financial assistance to businesses. This guide aims to provide insight into the various small business grants that are available in Ohio in 2022.
1. Small Business Relief Grant Program
The Small Business Relief Grant Program is designed to provide assistance to businesses affected by the COVID-19 pandemic. Eligible small businesses can receive grants of up to $30,000. Ohio businesses with 25 employees or less and a revenue of $2 million or less in 2019 are eligible. These grants can be used to cover various expenses such as rent, payroll, and utility bills.
2. Ohio Minority Micro-Enterprise Grant Program
Minority micro-enterprises with 10 employees or less and a revenue of $500,000 or less in 2019 are eligible for grants of up to $10,000. The Ohio Minority Micro-Enterprise Grant Program is aimed at minority and socially disadvantaged entrepreneurs. This grant can be used for marketing, training, and other business-related expenses.
3. Ohio Rural Industrial Park Loan Program
Ohio’s Rural Industrial Park Loan Program is designed to support the development and expansion of industrial parks in rural areas. Eligible businesses must be located in rural areas, have at least five employees, and meet other program criteria. Loans of up to $1.5 million are available to assist with development projects such as site preparation, water and sewer lines, and road construction.
4. Energy Loan Fund
The Energy Loan Fund is designed to help businesses reduce their energy consumption and save costs. This loan can be used for energy-efficient equipment upgrades, renewable energy projects, and other energy-saving initiatives. Eligible businesses must be located in Ohio, have a minimum of three years of operating history, and meet other program criteria.
5. Global Reach Export Assistance Grant
Ohio small businesses that wish to expand their international operations can take advantage of the Global Reach Export Assistance Grant. Eligible businesses can receive up to $10,000 for activities such as attending trade shows and expanding their market research. The program is aimed at businesses with less than 500 employees and an export volume of less than $1 million.
Conclusion
Ohio’s small business grants can provide much-needed financial assistance to struggling businesses in the wake of the pandemic. This guide has highlighted five of the most beneficial small business grants that businesses can apply for in 2022. From the Energy Loan Fund to the Small Business Relief Grant Program, Ohio has created various programs to support businesses of all sizes throughout the state. Apply for these grants today to give your small business the support it needs to succeed.
