Get Prepared: Ohio Small Business Grants to Watch out for in 2022

Small businesses are the backbone of Ohio’s economy. With over 950,000 small businesses operating across the state, they employ over 2 million Ohioans and contribute significantly to the state’s economic growth. However, these businesses face numerous challenges that affect their ability to expand and create more jobs. One such challenge is lack of funding.

To help Ohio’s small businesses thrive, the state government has established various grant programs to provide them the funding they need. In this article, we will explore some of the best Ohio small business grants to watch out for in 2022.

The Ohio Development Services Agency’s Small Business Grants

The Ohio Development Services Agency offers several small business grant programs that provide funding for various purposes, including expansion, workforce development, and research and development. One such program is the Ohio Small Business Development Centers (SBDCs) Grant Program. This program provides funding up to $5,000 for small businesses to acquire technical assistance services, such as marketing research, financial analysis, and business strategy development.

Another program is the Small Business Expansion and Job Creation Fund, which awards grants of up to $100,000 to small businesses expanding in Ohio. The grant is meant to assist with financing the costs of fixed assets, such as real estate, machinery, and equipment. To be eligible, the business must create at least 10 new jobs or retain 25 full-time jobs within three years of receiving the grant.

The Ohio Third Frontier Commission’s Technology Validation and Start-up Fund

The Ohio Third Frontier Commission’s Technology Validation and Start-up Fund provides early-stage technology-based companies with the funding they need to commercialize their products. The fund offers two programs, the Technology Validation and Start-up Fund Pre-Seed/Seed Plus Fund and the Commercial Acceleration Loan Fund. The Pre-Seed/Seed Plus Fund provides up to $250,000 for pre-seed and seed financing, while the Commercial Acceleration Loan Fund provides loans of up to $1.5 million to businesses in the later stages of development.

The Ohio Capital Access Program

The Ohio Capital Access Program is a loan guarantee program that assists small businesses in obtaining loans from participating lenders. The program offers loan guarantees up to 50% of the loan amount, with a maximum of $1 million. To be eligible for the program, the business must be an Ohio-based for-profit entity, have fewer than 500 employees, and have been in operation for at least six months.

Conclusion

Ohio’s small business grants programs provide a valuable source of funding for entrepreneurs seeking to grow their businesses. The grants are diverse, covering everything from technical assistance services to real estate financing and seed funding for early-stage businesses. By keeping an eye out for these programs in 2022, entrepreneurs can gain the funding and support they need to take their businesses to the next level.