If your small business lost significant revenue due to the COVID-19 pandemic, you may want to consider applying for an Ohio small business grant in 2021. An Ohio small business grant provides free funding to new and existing companies that meet certain criteria. The state of Ohio currently has millions of dollars in small business grants still available through the Ohio Department of Development. These grant programs are intended to support small enterprises that were hit hardest financially by the pandemic. Read on to learn about the top Ohio small business grants in 2021 and discover which program might be right for you.
- Food and Beverage Establishment Grant
Ohio-based restaurants, coffee shops, bars, and other food and beverage companies that were negatively impacted by COVID-19 are eligible to receive up to $30,000 each in grant money if they apply for the Food and Beverage Establishment Grant. If approved, small businesses can use the grant money for personal protective equipment, salaries, wages, utility payments, commercial rent or mortgage payments, and more. In total, Ohio has set aside $100 million in funding for this 2021 small business grant. The exact grant amount each eligible company can receive is determined by their loss of earnings in 2020.
According to the grant’s eligibility requirements, applicants can only be considered if they endured a minimum of 10% reduction in sales due to the coronavirus, they have at least one brick and mortar location in the state, and they are classified as a for-profit entity with a NAICS code starting with 722. Read the entire grant terms and conditions here.
- Entertainment Venue Grant
Organizations classified as entertainment establishments are also able to apply for an Ohio small business grant in 2021. Spectator sports venues, concert halls, museums, golf courses, zoos, and movie theaters, for example, are eligible to secure up to $30,000 each in free money from Ohio’s Entertainment Venue Grant. The funds can then be used towards mortgage or rent payments, job growth, employee compensation, business supplies, equipment, and more. To ensure the continuity of this important industry, the state has appropriated $20 million in funds for entertainment-related businesses.
Similar to the Food and Beverage Establishment Grant, applicant employers must have lost at least 10% of profits in 2020 due to COVID-19 to be considered. These small businesses need to be classified as a for-profit, have a NAICS code starting with 711, 712, or 713, and have a minimum of one physical location in Ohio. Learn more about the eligibility requirements for the Entertainment Venue Grant here.
- Lodging Grant
Hotels, motels, and bed and breakfast establishments are able to access up to $30,000 each in grant money through the Ohio Lodging Grant program. These accommodation-related businesses are able to use the grant funds for new equipment, hiring more employees, rent, utilities, and personal protective equipment.
The amount of funding each operation is able to receive depends on their 2020 occupancy reduction compared to their 2019 occupancy rate. Ohio has allocated $25 million for this grant program and will only consider those lodging businesses that have been in continuous operation since December 1, 2019. The terms and conditions, as well as eligibility requirements for the Lodging Grant, can be accessed here.
- New Small Business Grant
Lastly, Ohio for-profit entities that were established between January 1, 2020 and December 31, 2020, have at least one physical location in the state, and have a minimum of 2 and no more than 25 employees are eligible for the New Small Business Grant.
Unlike the aforementioned small business grants, this program is not designated for companies in a specific industry. Rather, recently formed Ohio enterprises that experienced a substantial revenue loss and incurred unforeseen costs in 2020 due to COVID-19 are able to receive $10,000 grants.
Funds from the small business grant can be used for expenses such as mortgage or rent payments, employee salaries, and business supplies or equipment. Ohio has reserved $10 million for the preservation of newly established companies. Learn more details about the grant and its eligibility requirements here.
Discover All of Your Ohio Small Business Grant Options
While these are considered the top Ohio small business grants in 2021, make sure to do your due diligence and consult with the experts at a certified development company like Growth Capital to determine the best grant option for your small company.