November 22, 2014

Elyria
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Ohio to get $55 million in small business aid

COLUMBUS — Ohio is getting about $55 million in federal funds to help small businesses at a time when many have had difficulty securing bank loans and credit.

The Ohio Department of Development said Thursday the money would help provide financing for manufacturers, minority entrepreneurs and other small businesses.

The federal funds are part of a package of small business incentives President Barack Obama signed into law last week.

The funding announcement came at a news conference co-sponsored by the State Treasurer that focused on connecting small business owners with Ohio lenders through a new website.

The website allows companies to request a loan online with several Ohio banks. Within 48 hours, the banks evaluate the requests and then contact the qualified businesses.