Program Funding For Small Business Development

State Development Director Thomas Carton today announced that 11 nonprofit organizations and three communities have been awarded $760,000 in grants through the Microenterprise Business Development Program. The funds are expected to leverage approximately $1.5 million in additional public and private funds and will be used to provide training, technical assistance and small business development loans to low-to-moderate income Ohioans who are interested in establishing, improving or expanding a business. It is estimated that 934 individuals and 139 Ohio small businesses will benefit from this assistance.

"The Microenterprise Business Development grants will help organizations and communities encourage small business development and job creation while enhancing economic development throughout Ohio," said Carton. "This funding will benefit hundreds of low-and moderate-income Ohioans and their families, helping them to increase their earning potential and improve their quality of life."

The Microenterprise Business Development Program awards include $590,000 of Ohio Housing Trust Fund (OHTF) dollars and $170,000 of federal Community Development Block Grant Program (CDBG) funds and are administered by the Ohio Department of Development. The Microenteprise Business Development Program provides grants to eligible cities, counties and nonprofit organizations to assist in the development of local microenterprise businesses and to create and retain long-term jobs in the private sector. Microenterprises are defined as for-profit entities with five or fewer employees, one of whom owns the business.