Ohio Microbusiness Development Program
OCDCA Announces 2019 Ohio Microbusiness Development Program Member Sites
Late last month, through the use of an impartial review committee, we awarded grants to thirteen members for their microbusiness programs through the Ohio Microbusiness Development Program.
Funding for this 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 this program comes from Ohio Development Services Agency with additional support for OCDCA’s Recoverable Grant Fund through a significant gift from Fifth Third Bank with additional support from US Bank Foundation. View a list of all the OCDCA funders.
Adams Brown Community Action Partnership
Asian Services in Action, Inc.
Community Action Committee of Pike County
Central Community House
Economic and Community Development Institute
Greater Cincinnati Microenterprise Initiative
HHWP Community Action Commission
North End Community Improvement Collaborative
Supports to Encourage Low-Income Families
Vinton County Economic Development Board
Youngstown Neighborhood Development Corporation
Congrats to all of the selected organizations!
Ohio Microbusiness Development Program Details
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.
Funding for the Ohio Microbusiness Development Program comes from the Ohio Housing Trust Fund (OHTF) through the Ohio Development Services Agency (ODSA). Funding for the Recoverable Grant Fund comes from a major gift from Fifth Third Bank with additional support 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 $40,000, 10% of which can be used for administrative expenses.
Ohio Microbusiness Recoverable Grant Fund
In 2015, in an effort to bolster capacity building offerings to our membership, OCDCA, with member, board, and a separate case development group’s support, created the Ohio Microbusiness Recoverable Grant Fund. OCDCA has created the Ohio Microbusiness Recoverable Grant Fund to provide a sustainable pool of funding to these community development organizations, who can then use the funds to make loans to local microentrepreneurs in their community.
Members of the Ohio Microbusiness Recoverable Grant Fund 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 Suzanne Parks at 614-461-6392, ext. 206.