Small Businesses Grants In Ohio

Your small business might qualify for an Ohio small business grant in 2022 if it lost substantial revenue to the COVID-19 pandemic. Different federal and state grants provide funds to small businesses hardest hit financially by the pandemic. 

Small business grants support local businesses, communities, and families so everyone can prosper. These resources and information are aimed at supporting small businesses, helping Ohio communities, and easing the burdens facing Ohio families. 

In Ohio, most federal grant dollars are spent on the private sector as small businesses and large corporations are the foundation for economic growth. More than $25.4 billion in grants and another $19.1 billion in funding from local governments.  

Check out these top Ohio small business grants in 2022 to determine which might be best for you. 

Ohio Small Business Expenses

A small business in Ohio requires a lot of effort and planning. Every year, more than 72,924 companies file for bankruptcy. While the federal government does not offer grants for starting and expanding a business, in Ohio, some small business grants are available to aspiring entrepreneurs, and the grant recipients are not required to pay back the government funding. Therefore, it makes sense to use small business grants to fund your business. Therefore, it makes sense to use small business grants to fund your business.

State Grants

All Ohio residents are eligible for the following state grants.

Small Business Grants

Business owners in Ohio who COVID-19 has negatively impacted may apply for the Small Business Relief Grant. As part of Ohio’s CARES Act funding, Governor Mike DeWine has determined that the State of Ohio will provide grants of up to $125 million to small businesses to help them through this difficult time. The Ohio Department of Development will administer the program, which will accept applications starting on November 2, 2020.

Food And Beverage Establishment Grant

Businesses in the restaurant, bar, coffee shop, and other food and drink industries that have been affected by COVID-19 can apply for grants up to $30,000. Each business will be eligible for a grant based on how much revenue it lost in 2020. The state of Ohio has allocated $100 million for this program. The Ohio Department of Development oversees the program.

Entertainment Venue Grant

This program provides grants of up to $30,000 to theaters, music venues, spectator sports venues, museums, and any other entertainment establishments that have been affected by the COVID-19 pandemic. Individual grants will be determined according to the loss of revenue experienced by eligible businesses in 2020. This program has been allocated $20 million by Governor Mike DeWine and the Ohio Legislature. 

Lodging Grant

In response to the COVID-19 pandemic, the Lodging Grant program will provide grants up to $30,000. Business occupancy rates are expected to decline in 2020, determining the amount of grant provided to each eligible business. The Ohio Legislature and Governor DeWine have allocated $25 million for this program.

New Small Business Grant

Small businesses that opened between January 1, 2020, and December 31, 2020, are eligible to apply for a new small business grant of up to $10,000. This program has been funded with $10 million by Governor Mike DeWine and the Ohio Legislature to help these businesses survive and thrive. New small business grants can pay for expenditures such as mortgages, rent, employee salaries, and business supplies and equipment.

Ohio Micro-Loan Program

This loan program provides 0% interest micro-loans to help new and existing businesses grow. Up to $45,000 can be borrowed from this program. In the case of permanent working capital, loans will be repaid within five years, while equipment will be paid back within seven years.

Women’s Business Enterprise Loan Program

By providing loans at market rates or below-market rates of interest (currently up to 3%), this program is designed to support the expansion of existing women-owned businesses. Loan amounts range from $45,000 to $500,000. All equipment and machinery loans must be repaid within ten years, and owner-occupied real estate loans must be repaid within 15 years.

Columbus-Franklin County Small Business Recovery Fund

The Small Business Recovery Fund has financed recovery for small businesses in Columbus-Franklin County. Small businesses eligible for the program, which recently received an additional $8 million in funding, may apply for up to $20,000 in funding. Independent contractors and sole proprietors are entitled to $5,000 grants. 

A minimum of one employee must be employed by a small business to qualify for $10,000. In addition, businesses that lost staff during the pandemic will receive $20,000. Companies can receive an additional $10,000 if they hire at least one new full-time employee within two months of receiving the grant and maintaining payroll for four months. Underserved communities, minority-owned businesses, and businesses owned by women, veterans, and women are given priority.

Cleveland Job Creation Incentive Program

Cleveland’s Job Creation Incentive Program encourages new businesses to locate within its boundaries. Applicants must create at least five full-time W-2 jobs in Cleveland upon moving to the city or expanding within the city. Businesses can receive grants based on their new payroll and income tax revenue. Applicants may apply for grants covering up to 0.5 percent of their new payroll during the next three years. Moving businesses can also receive a $5,000 Moving Assistance Grant on top of this assistance.

Cleveland Municipal Small Business Initiative

Cleveland’s Municipal Small Business Initiative is a joint program between Cuyahoga County and the US Small Business Administration. Projects funded by the SBA can receive additional assistance. Both Cleveland County and the City of Cleveland contribute 15 percent to a project’s costs. Before an applicant can be considered for City funds, they must create at least one permanent full-time job.

Cleveland Tech Delta Program

Cleveland supports technology and medical companies moving to or expanding within the city through its Tech Delta Program. According to their new facilities’ square footage, companies are awarded grants with $5 per square foot. No more than $50,000 can be awarded. In addition to planning upgrades to their facilities, tech companies must plan to hire at least five full-time employees in the city.

Cleveland Storefront Renovation Program

The Cleveland Storefront Renovation Program assists neighborhood commercial districts in improving their storefronts. The city provides a rebate for businesses that meet its design criteria and renovate at least 50 percent of the building. Furthermore, while the program offers grant funding, it also provides free design assistance for exterior rehabilitation projects. The program runs annually. Business owners are thus able to apply for any projects completed during the year.

FundNoire

Cincinnati small business owners are eligible for a funding program called FundNoire. With $1.5 million in grants for eligible businesses, the program is partially funded by Kroger’s charitable foundation. Founded by local entrepreneur Rico Grant, the program is relatively young. As part of its inaugural funding round, the organization will provide funding to dozens of startups and early-stage companies.

Great Streets Akron Grants

In Akron, exterior property upgrades are eligible for matching grants. In addition to signage and outdoor lighting, facade renovations, security cameras, paving parking lots, and street lighting are all eligible. The city will review efforts to meet compliance and zoning standards on a case-by-case basis. Funding from grant programs may reach up to $30,000. Private funds are required as a match.

Toledo Emergency Microenterprise Recovery Grant

Expenses associated with COVID may be reimbursed to businesses in Toledo through the Emergency Microenterprise Recovery Grant. For expenses to qualify, they must have been incurred between March 1, 2020, and June 30, 2020, and they must have accompanying documentation. Applications will close when grant funds are disbursed for the Federal Community Development Block Grant.

Shelby County Small Business Recovery Program

Small businesses in Shelby County, Ohio, are eligible for a $400,000 grant. Under the American Rescue Plan Act, the program offers reimbursement funds to help people deal with pandemic-related costs. Business owners with physical locations in the county are eligible for grants between $5,000 and $25,000. The county offers $5,000 to $10,000 in grants to entrepreneurs who run their businesses from home. The deadline for applications is May 31.

Ohio Grant Watch

Those interested in finding Ohio grants, non-profits, and small businesses should check out Ohio Grant Watch. In this Ohio Grant Listing Directory, more than 28,420 grant opportunities (that will be made available again soon), funding opportunities for federal, state, and local funding agencies in the USA and U.S. Territories, and Canada.

The information they provide is accessible, however, with a paid subscription. Using the monthly payment plan costs $18 per week and $199 to pay for the whole year. GrantWatch’s free membership offers limited functionality. A free membership will not allow you to view full details of grants, nor will it let you apply for them.

National Grants That Can Help

The following national grants are available to Ohio residents if they are unable to secure a state grant.

Coronavirus State and Local Fiscal Recovery Funds

State and Local Fiscal Recovery Fund (SLFRF) – Coronavirus State and Local Fiscal Recovery Fund (SLFRF) supports state, local, and tribal governments in responding to and recovering from the public health emergency.

SLFRF funds can be used for:

  • Public services will be provided up to the amount of revenue lost by the pandemic, replacing revenue lost to the public sector.
  • Help prevent, treat, and recover from the pandemic’s far-reaching public health and economic impacts and assist households, small businesses, and non-profits in recovering.
  • Employ essential workers at a premium wage, supporting those whose health is most at risk due to their employment in critical sectors.
  • Make necessary investments in water, sewage, and broadband infrastructure to expand affordable access to clean drinking water, support necessary sewage and stormwater infrastructure, and increase accessibility to clean drinking water, sewage, and broadband Internet.

Coronavirus State and Local Fiscal Recovery Funds give each jurisdiction flexibility to address local needs.

Emergency Capital Investment Program (ECIP)

The Emergency Capital Investment Program (ECIP), part of the Consolidated Appropriations Act of 2021, was created to support small and medium-sized businesses and consumers in low- and moderate-income communities.

To implement this program, the Treasury will provide a total of $9 billion of capital to commercial depository institutions: Community Development Financial Institutions (CDFIs) or minority depository institutions (MDIs). These funds will be used for, among other things, helping small businesses and consumers with low incomes, as well as those in underserved and low-income communities that are disproportionately affected by COVID-19. Treasury will provide $2 billion to CDFIs and MDIs with assets under $500 million and an additional $2 billion to those having assets under $2 billion.

Paycheck Protection Program

The Emergency Capital Investment Program (ECIP), part of the Consolidated Appropriations Act of 2021, was created to support small and medium-sized businesses and consumers in low- and moderate-income communities.

To implement this program, the Treasury will provide a total of $9 billion of capital to commercial depository institutions: Community Development Financial Institutions (CDFIs) or minority depository institutions (MDIs). These funds will be used for, among other things, helping small businesses and consumers with low incomes, as well as those in underserved and low-income communities that are disproportionately affected by COVID-19. Treasury will provide $2 billion to CDFIs and MDIs with assets under $500 million and an additional $2 billion to those under $2 billion.

Small Business Administration

The Small Business Administration supports small businesses. Small businesses in every part of the country have access to several programs and funding opportunities through the organization.

Small businesses in every part of the country have access to many programs and funding opportunities through the organization. SBA’s website features several small business opportunities. It is possible to find out about grants and required documents and how to apply for loans and grants through the website.

Local Initiatives Support Corporation (LISC) Small Business Relief Grants

More than 12,000 small businesses received grants from LISC’s COVID-19 programs during the COVID-19 pandemic. Due to the organization’s nationwide reach, small businesses from all over the country have been included on the list. As a cornerstone of their investments to support entrepreneurs who are important to their communities and the economy, they needed to create new systems emphasizing racial and economic equity.

The LISC Small Business Relief Grants program provided grants to small business owners. Over $82 million in grants were awarded during the COVID-19 pandemic to keep 6,000 entrepreneurs in business and contribute to the local economy.

The organization provides financial assistance to small businesses in danger of collapsing. Their assistance gives small businesses the boost they need. Their fund has aided several small businesses in getting back on their feet. Their fund has aided several small businesses in getting back on their feet. 

Rapid Response Loans

Affected businesses may qualify for Rapid Response Loans due to the covid-19 pandemic. Up to $25,000 is available to small business owners through this platform. Through the Rapid Response Loan Program, small businesses in Indiana that have faced a downturn in business can apply for emergency financial assistance of up to $25,000. The loan amount depends on the size of the business and its total turnover.

Bottom Line

There are many resources available to small businesses in Ohio. Small businesses and non-profit organizations have received financial support because of the Coronavirus pandemic. By providing the right type of financial assistance to small businesses, the economy can get a much-needed boost. 

Are you interested in learning more about different grants and programs that can help you with your living situation? Check out the rest of Gov Relations’ blog section today!