Ohio expands $155 million in grants for small business success

Jun 30, 2021 | Business | 0 comments

Ohio recently announced the launch of four grant programs to help small and medium-sized businesses recover from the impact of the coronavirus pandemic.

“These four new grant programs will help industries that experienced losses over the last year because of the pandemic,” said Gov. Mike DeWine. “Ohio’s economy is moving forward, and with new grant programs like the ones we are announcing, we are optimistic our economy will only continue to grow stronger from here.”

The programs will provide $155 million in grant funding to businesses that opened in 2020, food and beverage establishments, entertainment venues, and lodging venues. The funds were made available by the Ohio General Assembly as part of Senate Bill 108 and Senate Bill 109, both signed into law in May.

All four programs will be administered by the Ohio Development Services Agency (Development). Program guidelines, terms and conditions, and required documentation for all four programs are available now at BusinessHelp.Ohio.Gov.

Applications for the grants open this week.

“The focus of this funding is primarily on Ohio-owned, small businesses that are important contributors to their local economy and the quality of life for the people who live there. The grants will help these businesses buy equipment, hire more employees and make needed updates to their facilities so they, and the communities they serve, can recover faster.”

Ohio Small Business Development Centers and Ohio Minority Business Assistance Centers are staffed with advisors who can help businesses with the application process.

“The investments we make through these programs will ensure the survival and stability of our small businesses,” said Director of Development Lydia Mihalik. “Our small business owners and entrepreneurs are the heart of our economy, and we’re optimistic about the future.”

The Food and Beverage Establishment Grant will provide grants of $10,000 to $30,000 to restaurants, bars, coffee shops, and other food and drink businesses. The amount of individual grants to eligible businesses will be determined by the business’s loss of revenue in 2020. The total funding available for this program is $100 million.

To ensure the four grants are spread throughout the state, $500,000 will be set aside for businesses in each of Ohio’s 88 counties.

As businesses in each county are approved for funding, the grants will be awarded on a first-come, first-served basis. When a county’s allocation is depleted, businesses in that county will be eligible to receive grants from the remaining funds in the overall grant program. If businesses in a county don’t deplete the county’s allocation by July 31, the remaining funds will become available to businesses statewide.

The Entertainment Venue Grant will provide grants of $10,000 to $30,000 for theaters, music venues, spectator sports venues, museums, and other entertainment venues.

The New Small Business Grant will provide grants of $10,000 to small businesses that were established between Jan. 1, 2020, and Dec. 31, 2020. The total funding available is $10 million. The Lodging Grant will provide grants of $10,000 to $30,000 to hotels, motels, and bed and breakfast operations.

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