Ohio new business filings are breaking records. The number of new businesses created in August 2020 topped August 2019 filings by more than 72 percent, according to the Ohio secretary of state’s office records.
Are you among them—or hoping to be soon?
At Growth Capital, we know launching a new business is exciting, exhausting and a bit intimidating. While Ohio business owners can tap a wide range of small business resources, it might be a challenge to find the time and energy to research and find the right resource for you and your small business.
That’s why we developed this quick, yet comprehensive guide of small businesses resources in Ohio.
Ohio Small Business Resources
Whether you’re looking for information on starting a business or for useful information as you grow your current venture, there are a number of state resources to help you.
1. Ohio Business Roadmap
If you’re just starting out on your small business journey, the Ohio Business Roadmap provided by the Ohio Secretary of State’s office is a great resource to start with. The roadmap provides an overview of all the steps needed to launch a business, as well as a comprehensive list of state agencies and state offices of federal agencies such as the Small Business Administration.
2. Ohio Chamber of Commerce
The Ohio Chamber of Commerce is another helpful resource to consider. While the chamber’s primary service is advocating for Ohio-based businesses, the chamber also offers subject matter expertise and opportunities to network and connect with other business owners. The state chamber can also connect you to chambers of commerce in your local community.
3. Better Business Briefing
Content resource the Better Business Briefing, offered by the Ohio Better Business Bureau, tackles small business issues. Key topics covered vary, from the value of customer reviews to tips on social media for businesses.
4. Council of Smaller Enterprises
The Cleveland-based Council of Smaller Enterprises (COSE) is another organization dedicated to supporting small businesses with a variety of services such as mentoring. It also provides excellent networking opportunities to connect you with other small business owners in the community.
Loan Resources for Ohio Small Business
If your small business needs are capital specific, there are a wide range of loan resources available, including loan programs provided by:
- The Small Business Administration (SBA)
- State agencies that offer loans to businesses that meet specific criteria, such as JobsOhio
- Banks, credit unions and online vendors
The SBA is probably the best known source for small business loans, whether you need financing to launch your business or to support growth efforts.
While the process of identifying and securing the right small business loan for your needs can be daunting, not-for-profit community development corporations (CDC)—like Growth Capital—can help you navigate your options.
Special Interest-Specific Loan Resources
If you’re a minority small business owner, there are additional options available to explore.
The Ohio Minority Business Direct Loan program through the Ohio Development Services Agency, for example, provides fixed, low-interest rate loans to certified minority-owned businesses that are purchasing or improving fixed assets that result in new jobs for Ohio residents.
The SBA, meanwhile, offers resources and loans specifically for women business owners, overseen by the SBA Office of Women Business Ownership. Working with district SBA offices, including Ohio district offices, the office provides female entrepreneurs with access to credit, capital and other services such as business training, counseling, and federal contracts.
There are numerous other state and federal options for Ohio minority-owned businesses to explore. As your local CDC for help finding those you qualify for.
Get Help Growing Your Small Business Today
If you’re ready to begin learning how to launch, maintain and grow a small business in the northeast Ohio area, let our small business loan experts know how they can help.
At Growth Capital, we do more than find the right financing option for your small business. We take time to understand your business—including guiding you to the right resources that offer everything from subject matter expertise, small business advocacy, and ways to expand your business network.
We’d love to learn more about your small business plans and share in the excitement as you begin to fulfil your small business dream.
To contact the Growth Capital team, give us a call at (216) 592-2332 or fill out our online contact form. We look forward to learning about your business and how we can help.