DeWine Announces Loan Program to Help Ohio Small Businesses
Help for Ohio small businesses is here. The U.S. Small Business Administration (SBA) on Thursday approved a request from Ohio Governor Mike DeWine to allow small businesses and nonprofits to apply for low-rate long-term loans. of interest.
Loans can be up to $ 2 million under the SBA’s Economic Disaster Loan program.
“Timing is of the essence as we move through this crisis,” DeWine said. “We need to act quickly to not only make sure Ohioans are safe, but also have the support they need to get through this difficult situation. I appreciate the swift response from federal officials to provide small businesses and state nonprofits with access to this resource.
Economic disaster loans can be used by small business owners and nonprofits in Ohio to pay fixed debts, salaries, accounts payable, and other bills that cannot be paid due to the impact of the disaster. The interest rate is 3.75% for small businesses with no credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for nonprofits is 2.75%.
To keep payments affordable, loans are long term, with up to 30 years of repayment. The conditions are determined on a case-by-case basis, depending on the repayment capacity of each borrower.
“Governor DeWine and I are working actively to ensure that the state’s economy remains strong and well positioned after this health crisis is over,” said Lieutenant Governor Jon Husted. “I encourage business owners and nonprofits to seek this help if needed and to continue to contact us to let us know how we can help them. “
Loan applications can be completed online, or applicants can get a paper application by calling 1-800-659-2955. For more information on the loan program, visit