Ohio Department of Development
09/30/2024 | Press release | Distributed by Public on 09/30/2024 14:23
State Investing More than $1 Million to Support Ohio Minority and Women-Owned Businesses
September 30, 2024
(COLUMBUS, Ohio) - The Ohio Department of Development today announced more than $1 million in state support for five minority and women-owned businesses across Ohio. This funding will play a crucial role in helping these businesses sustain and expand their operations.
The Minority Development Financing Advisory Board (MDFAB) approved the funding during its monthly meeting.
"Our agency is committed to investing in Ohio's small, minority-owned businesses," said Lydia Mihalik, director of the Department of Development. "This type of funding not only promotes innovation and growth; this funding helps build generational wealth and strengthens our communities."
Businesses receiving support include:
Alan Stone Co., Inc. (Washington County)was approved for a $500,000 Women's Business Enterprise loan. Established in 1960, the company specializes in general and heavy highway construction. The funds will be used to purchase a hydraulic drill for highway repair and construction that will aid the business in completing more projects efficiently. It will create three full-time jobs.Exclusive Learners Language Academy, LLC (Cuyahoga County), was approved for a $402,075 Women's Business Enterprise loan. Established in 2020, the childcare academy provides daycare services to infants through elementary school-aged children. The funds will be used to open a second location in downtown Cleveland, making it one of the only daycare services in the area. It will create 22 full-time jobs.Keneice's Loving Arms Child Care LLC (Hamilton County)was approved for a $299,925 Women's Business Enterprise loan. Established in 2014, the home-based, Cincinnati-area daycare provides childcare for families that is play-centered, educational, and fosters the development of social skills in a safe, caring environment. The funds will be used to purchase a building and expand its daycare services. It will create 16 full-time and up to 12 part-time positions.Nu Mercy Hair Studio, LLC (Montgomery County), was approved for a $167,776 Women's Business Enterprise loan. Established in 2021, the full-service beauty and hair salon offers hair styling, manicures, pedicures, massages, and beauty consulting. The funds will be used to refinance a previous commercial mortgage loan and is expected to save the business a substantial amount per year in debt service.Dollars N Cent Inc., LLC (Cuyahoga County), was approved for a $75,099 Minority Business Direct loan. Established in 2005, the residential and commercial construction company does job site prep, excavation and additional contracting services. The funds will be used to purchase machinery and equipment, including a dumper, mixer, concrete saw, micro digger and compactor.Since January 2022, Development has provided more than $25.4 million in support to more than 285 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.
MDFAB reviews and makes recommendations on loans and surety bond requests. More information about loans and other capital assistance programs can be found at minority.ohio.govand eligible business owners can start the loan application process Department of Development's website.The Ohio Department of Development empowers communities to succeed by investing in Ohio's people, places, and businesses. Learn more about our work at development.ohio.gov.