In Ohio, main-street business is a major focus of economic development today. Across the state, there are business resources at universities, economic development agencies, SBDC’s, chambers of commerce, and other community organizations. With a strong background in industries like agriculture, technology, and just about everything else, Ohio small businesses are some of the strongest contributors to Ohio’s overall economy.
For any business, whether just starting out, struggling to survive, or wanting to expand, business financing is an important part of success. But, the tricky part is knowing where to find it.
Here are a few common sources of business financing in Ohio:
- Traditional OH Business Loans: These are available in a variety of programs, such as term loans and business lines of credit. A few other options include SBA loan guarantees, equipment financing, and export loans.
- Business Loans for Ohio Minorities: The SBA offers loans to encourage equal opportunity for business owners of all backgrounds. See Minority Business Development Agency for more info.
- Ohio Agriculture Loan: The SBA provides loans to help boost the thriving agriculture business in Ohio, which includes business loans in rural parts of the state.
- Veteran Business Loans: Several SBA loans are specifically designed to help military servicemen and servicewomen build a successful business.
SBA Business Loans in Ohio
The Small Business Administration’s loans have some the best terms and interest rates. Offered through approved lenders, the SBA guarantees up to 90% of the amount sought in financing – this makes it easier for the lender to supply a loan, which, in consequence, makes it easier for you to get the loan (even though the process itself is often more time consuming).
Out of all loan types, SBA-backed loans often carry the lowest interest rates and best terms. Also, the SBA offers additional advice and assistance through their Ohio locations. These centers provide training and resources for running a business in Ohio.
Ohio’s Small Business Incentives
In addition to Ohio’s funding options, the state supports many lucrative business incentives & assistance. Here are a few:
- Technology businesses can find technology loans, grants, and other assistance.
- Businesses looking to export may receive tax incentives as well as financing.
- The Ohio Environmental Protection Agency provides financing for special environmental treatment projects.
- For more incentives, click here.
Ohio’s Alternative Funding Resources
While the rates and terms on a bank loan are usually the best, not all businesses may meet a bank’s strict requirements. Alternative lending sources in Ohio can help businesses with less-than-ideal credit or too few years in business. Read more about alternative financing here.
How to Find an Ohio Business Loan
Because of all the lenders and loan options in Ohio, finding the right one for your business can be difficult. Banks have many requirements, rules, and paperwork, and it can be overwhelming. One of Lendio’s goals is to make the lending arena simple and easy, whatever one’s profile or situation. By making small business loans more available, Lendio hopes to make the American Dream possible for every business owner. To get started, create a free account with Lendio, and find an Ohio business loan today.