6 minority- and women-owned businesses to receive nearly $1.9M in support from Ohio Department of Development
The Ohio Department of Development (Development) recently announced the approval of more than $1.8 million in support for six Ohio businesses by the Ohio Minority Development Financing Advisory Board (MDFAB) during its monthly board meeting. The support will help minority- and women-owned businesses sustain and expand their operations.
MDFAB reviews and makes recommendations on loans and surety bond requests. MDFAB consists of 10 members, seven appointed by the governor, one appointed by the president of the Senate and one appointed by the speaker of the House of Representatives. The Director of Development’s designee is also a voting member.
“Supporting small and minority-owned businesses on the path to creating jobs and building wealth in Ohio’s communities is a top priority for the DeWine-Husted administration,” said Lydia Mihalik, director of the Ohio Department of Development. “Loans approved by the Minority Development Financing Advisory Board help create a more diverse business environment that leads to economic growth and prosperity for all Ohioans.”
MDFAB approved these actions:
All Contractors Supply LLC (Lake County) was approved for $500,000 from the Women’s Business Enterprise Loan Program. The company offers a wide range of wholesale products for the commercial building, roofing and transportation industries and construction supplies. The funds will be used to purchase a building to provide additional space for expansion and attract new customers. The funds will retain three employees and will create four new jobs.
ALO Family Counseling, LLC (Medina County) was approved for $138,893 from the Women’s Business Enterprise Loan Program. The practice offers statewide in-person and online mental health counseling services. The funds will be used for leasehold improvements for expansion and for the purchase of machinery, equipment and furniture. The funds will retain four employees and will create one new job.
OPTIST Inc. (Franklin County) was approved for $269,250 from the Women’s Business Enterprise Loan Program. The independent mortgage brokerage and financial consulting company assists potential and current homeowners with finding the best mortgage loan for their needs while also providing financial literacy education. The funds will be used to purchase and renovate current rental property. The funds will create two new jobs.
Something White, LLC (Cuyahoga County) was approved for $60,234 from the Women’s Business Enterprise Loan Program. The bridal company offers private and personal experiences for brides who are seeking a classic, sophisticated, elegant wedding gown made from quality fabrics. The funds will be used for leasehold improvements and will retain one job.
Sweet Designs Chocolatier Inc. (Cuyahoga County) was approved for $352,500 from the Women’s Business Enterprise Loan Program. The company produces and sells fine, European-style chocolate to individuals and businesses through their storefront, online and corporate sales. The funds will be used to purchase property, retain 10 employees and create one new job.
Zscape LLC (Cuyahoga County) was approved for $500,000 from the Minority Business Bonding Program. The firm specializes in landscape construction, maintenance, hardscape installation and wetland restoration services. The funds will be used to bid on projects with local governments in their service area, retain 23 employees and create four new jobs.
Currently, more than $18 million in support has been provided to more than 170 minority- and women- owned businesses through the Women’s Business Enterprise Loan Program, the Minority Direct Loan Program, the Ohio Micro-Loan Program and the Ohio Minority Business Bonding Program. Additional funding remains available for these programs.
More information about loans and other capital assistance programs can be found online at Minority.Ohio.Gov.
The Ohio Department of Development empowers communities to succeed by investing in Ohio’s people, places and businesses. Learn more at development.ohio.gov.