When major figures in Ohio's small business community take center stage, the result could be a greater awareness of the possibilities for the state's entrepreneurs. Sally Hughes, the founder and CEO of wheel and caster company Caster Connection, is Ohio's Small Business Person of the Year, according to a press release from the Small Business Administration. The recognition acknowledges outstanding performers in this sector across the United States.
In a 2015 interview with Smart Business, Hughes connected her ambitions for Caster Connection with the personnel she hoped to attract in Columbus. Caster Connection has existed for nearly 30 years and Hughes continues to wear multiple hats as the company develops. Though it was founded in Chardon, Ohio, the base of operations moved to Columbus seven years ago.
A Mark of Honor
The SBA's honorees include representatives from all 50 states, as well as the U.S. island territories. The organization's administrator, Maria Contreras-Sweet, explained the distinctions that mark each of these achievers.
"The recognition acknowledges outstanding performers in this sector."
"These small business owners represent the best of the best and showcase daily their entrepreneurial spirit and what it takes to be successful in today's evolving and competitive business environment," she said.
"I'm looking forward to welcoming these talented entrepreneurs to their nation's capital and celebrating their stories to shine a light on American ingenuity and innovation," she added.
This last comment refers to the official celebration for the winners, which will occur on May 1 and May 2, the beginning of this year's Small Business Week.
Last year's Ohio winner was Matt Fish, owner and president of Melt Bar and Grilled, Inc. In a separate press release on that year's winners, Contreras-Sweet noted that small businesses made up roughly two thirds of all of 2014's private sector jobs.
Using Loans to Build a Business
Obtaining an Ohio SBA loan can give small business owners access to financing based on the scope of their financial needs. According to the SBA, some of the main options for developing businesses include:
- Microloans: The average microloan size is "about $13,000." Because these funds may apply to working capital, inventory and machinery, fledgling entrepreneurs can use them to supplement their initial finances during a crucial growth period.
- SBA 504: This loan's terms can last for as long as 20 years and is only available for businesses with a net worth under $15 million, as our site will tell you. Possible uses include renovations, which may help if an owner needs to revamp their business, similar to Hughes' 2009 move.
- Surety Bonds: As a supplement to a major construction job, these are essential for small businesses to move forward with potentially costly contracts.
If you're interested in the creative financing needed to make a business grow, contact Growth Capital today and learn more about your options.