Program Summary The Ohio Minority Direct Loan Program provides direct loans for businesses locating or expanding in Ohio that demonstrate they will create new jobs for Ohio citizens. The program, authorized under Chapter 122 of the Ohio Revised Code, is administered by the Ohio Department of Development’s (ODOD), Office of Minority Financial Incentives. The Minority Direct Loan Program focuses on several factors to determine the eligibility of a business for the State’s incentive financing. Chief among those determinations are the number of jobs created and/or retained as a result of the State’s investment, the extent of participation by the business and a conventional lender in the project; and the demonstration by the business that the State’s assistance is necessary in order for the project to go forward. In its review of loan applications, the office also evaluates the management capacity of the company, the availability of working capital, and the overall ability of the company to repay its debt. These criteria are designed to provide a more definite review of the applicant’s need and capabilities. The State’s financing is take-out financing. In other words, the business will need to complete its project utilizing interim financing from a conventional lender, and its equity. When the project is completed, the State’s funds will be released. For more information call or write:
The Office of Minority Financial Incentives
Ohio Department of Development
P.O. Box 1001
Columbus, OH 43216-1001
(614) 644-7708
1-800-848-1300
Fax (614) 466-4172