Microbusiness Development Program
The purpose of the Ohio Microbusiness Development Program is to provide funding for community development corporations (CDC's) to further develop a local delivery system that encourages microbusiness development, provides low- and moderate-income households with access to capital for business development and self-employment, and creates and retains long-term jobs in the private sector. The assistance enabled by this funding can be in the form of either training or technical assistance, or direct assistance to the business in the form of a loan, with loan funds repaid into a local microbusiness revolving loan fund.
Funding for the Ohio Microbusiness Development Program comes from the Ohio Housing Trust Fund (OHTF) through the Ohio Development Services Agency (ODSA). Additional support for the Recoverable Grant Fund comes from the U.S. Bank Foundation.
Eligible organizations must meet the following criteria:
- Incorporated with the State of Ohio for the last two years;
- Valid 501(c)(3) IRS designation;
- Board of directors composed of no less than one-third low- to moderate-income (LMI) members, defined as:
- Members whose households are low- to moderate-income;
- Members who represent organizations that primarily serve LMI households;
- Membership in the Ohio CDC Association;
- Eligible organization must be community-based and have a development focus;
- Eligible organization must have an audited financial statement within the last year or a set of financial statements and tax returns for the immediately previous two (2) years and the most recent financial audit.
Eligible organizations may apply for funding of up to $50,000, 10% of which can be used for administrative expenses. Successful applicants will gain access to the Ohio Microbusiness Recoverable Grant Fund, which makes recoverable grants to microbusiness development programs in order for the program to make loans to low-moderate income microentrepreneur clients. See the full list of information about the recoverable grant fund here. For further questions about the program, please contact David Foust, Program Director at firstname.lastname@example.org or 614.461.6392, ext. 204.