How To Apply For a Small Business Loan in Ohio ?: This must be the question on your mind before jumping into this post, yes right.
As a Small business person, there are times when we all need a loan be it at the beginning of the business or whilst we’ve run the business for a couple a small business loan comes in very handy.
Coming from someone who actually spent half his life in Colombus Ohio and running my barbershop for a couple of years right here in Ohio I would really love to share how a small business loan in Ohio helped me push my barbershop business then.
In this article, I would explain and guide you through the process of how to apply, the various loan options available, and several agencies you can contact.
Options Available For small business loan in ohio
Business in Ohio has the option to choose between the local lenders available or other lenders that participate nationwide, although each player has their various set of rules. The texts below provide detailed insights into the government, state, and private lenders available in the markets.
Ohio Capital Access Program:
Small businesses in Ohio can take loans from $250,000 to $350,000 and are required to deposit 2.5% to 5% of the borrowed funds to the lender’s reserve, this is the policy stated by the Ohio Development Services Agency administers, which is the administering of the Capital access program. This is to encourage lenders to fully participate in investing in small businesses since the risk has been reduced by 60.4%, as a small business you can apply for the loan HERE.
Ohio Minority Business Direct Loan Program For Small Businesses:
The Ohio Minority Loan for Small business n Ohio is one of the most preferred by candidates probably for a fact is one of the loans that can be stretched for a 15 year period. With a range of $45,000 to $450,000, this loan is one of the best options for those in the minority group. APPLY HERE.
Private Loan Providers
Loanbuilder is a service of PayPal that offers small businesses in Ohio and other parts of the county short-term loan. Being an online lender the repayments rates are low which is quite great and loans range from $5,000 to $500,000, you can Apply Here.
Huntington National Bank
The Huntington national bank is another great lender in Ohio with a very small interest, with an interest of 6.1% they are a good SBA lender for small businesses, although their policy states that your business must be bringing around $180,000 per year and you should have a personal credit score of 680. Apply Here.