By obtaining Ohio small business loans, minority owners can build on some of the recent triumphs the state has made in this area. Cincinnati provides one example of a positive drive to develop minority contractors. According to an official statement, the city has noticed significant growth since instituting the Minority and Women Business Enterprise Program on January 1.
As of July 14, the city reportedly has certified 174 entities as either Minority Business Enterprises, Women Business Enterprises or Minority Women Business Enterprise. Construction contracts for these entities have $12 million in city-approved funds, part of the more than $21 million these businesses have gained since the program began.
The release broke down the individual sectors these business awards have gone to: Of these, construction contracts represent the single biggest slice, with more than 71 million in total awards through relevant contracts.
Thomas Corey, director of the Department of Economic Inclusion, described some of the efforts his organization has made to support certification.
“DEI has engaged in a number of outreach efforts to encourage eligible businesses to apply for certification and to help build the capacity of those businesses to perform on city contracts,” Corey said. “To that end, DEI established a Business Training Center offering classes designed to help small, minority and women owned businesses grow and operate more efficiently”
Under the rules of Cincinnati’s DEI, Minority Business Enterprise’s need to be at least 51 percent minority-owned. Applicants also have to have owned and operated said business for at least a year and maintain an office in Hamilton County.
There are loans for small businesses that might suit minority owners in other parts of the state as well as this region. Contact us to get started looking for an alternative payment option for you.