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Ohio Small Business Loans

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By Erin Ryan Social Community Manager, Senior Writer and Editor at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Coins stacked on table with blue arrow pointing up
    Loan Amount Up to $500,000
  • Calendar image appearing as though the page is being flipped
    Estimated Repayment Terms 1-5 Years
  • Speedometer icon
    Interest Rate Starting at 7%
  • Dollar sign in circle
    Speed of Funding As fast as 1 day

Did you know there are more than 965,000 small businesses in Ohio? That’s a lot of companies competing for a piece of the Buckeye State’s market. 

Whether you’re a franchise owner interested in expanding, a minority entrepreneur seeking a business loan in Ohio or a veteran looking to grow a venture, you might need the financial assistance of a business loan at one time or another. 

Here are some helpful resources, including lenders you can turn to, when you’re searching for Ohio small business loans and financing.

Ohio’s Small Business Landscape

In 2019, Ohio ranked No. 10 on CNBC’s list of America’s Top States for Business

According to the U.S. Small Business Administration (SBA), small businesses in the state employ 2.2 million workers. Additionally, there are nearly 70,000 self-employed minority business owners.

Ohio is home to many manufacturing companies in such industries as motor vehicle production and metal fabrication. It’s also known for its agricultural industry, including its soybean, corn, dairy, hog and cattle farms. 

Other small business sectors contributing most to employment in the state include these:

  • Health care and social assistance
  • Food services and accommodations
  • Retail trade
  • Technical, scientific and professional services
  • Construction

Best Banks for Ohio Business Loan Programs

1. Fifth Third Bank

Fifth Third Bank is an Ohio SBA lender with an A+ rating from the Better Business Bureau (BBB). It’s also made Forbes’ list of America’s Best Banks of 2021.

If you’re seeking a business line of credit in Ohio, you can find it here, too, as well as the following, among others: 

  • Term loans
  • Real estate loans 
  • Business credit cards
  • Dealer financing
  • Health care financing
  • Consumer and retail commercial loans

2. Huntington Bank

If you’re searching for small business financing in Ohio, check out this bank, which has earned an A+ rating with the BBB. It’s also made Forbes’ list of America’s Best Banks.

Loan options include these:

  • SBA loans
  • Business term loans
  • Business lines of credit
  • Real estate loans
  • Dental practice financing
  • Veterinary financing

3. Union Savings Bank

Union Savings Bank has not only earned A+ ratings with the BBB, it’s also made WalletHub’s 2021 Best Bank of Ohio list. 

Small business funding at this Ohio bank includes the following:

  • Term loans
  • Business credit cards
  • Commercial mortgages
  • Construction financing
  • Revolving lines of credit
  • Letters of credit

4. Richwood Bank

This Ohio bank is BBB accredited with an A+ rating. It’s also earned 4.5 stars on WalletHub. In addition to a location in Richwood, OH, there are 8 others in Plain City, Marysville, LaRue, Huntsville, Delaware, Springfield and soon-to-be-opened Bellefontaine.

In addition to COVID-19 small business relief, you can find the following loan options here:

  • Business credit cards
  • Commercial loans
  • Real estate loans
  • Agriculture loans
  • Residential loans
  • Commercial lines of credit
  • Commercial equipment loans
  • Equipment leasing

5. Heartland Bank

This bank has earned a 4.3-star rating from SmartAsset. It’s also BBB accredited with an A+ rating. In addition to small business loans for veterans in Ohio, offered through the SBA Veterans Advantage program, you can find SBA 7(a) and 504 loans too. 

Also available are these types of business financing:

  • Business credit cards
  • Business loans
  • Agricultural loans
  • Equipment loans
  • Startup loans
  • Working capital loans
  • Real estate loans
  • Lines of credit

How to Get a Small Business Loan in Ohio

Once you’re ready to apply for an Ohio small business loan, you’ll need to meet certain qualification requirements, including credit score, revenue and time in business minimums, which will vary by loan type and lender.

What’s important to know is the difference between conventional and alternative lenders. For instance, while conventional lenders, such as the banks listed above, are known to offer competitive interest rates and repayment terms, the process to apply and get funded can take time, and requirements to qualify can be stringent.

Because of this, many entrepreneurs are looking for another option. With fewer documentation requirements and streamlined applications, alternative lenders can offer quick funding to qualified applicants. The tradeoff is typically higher rates and shorter, more frequent repayment terms. 

Also, in addition to business financing, consider applying for grant programs. For instance, if you’re searching for minority business loans in Ohio, look at grants specifically for minority entrepreneurs

  • Applying for Business Funding in Ohio Through Fast Capital 360

    Whether you’re seeking an Ohio SBA loan or a merchant cash advance in Ohio, Fast Capital 360 can help.

    Here’s how you’ll benefit.

    Speed

    In just a few minutes, apply online for the business funding your Ohio company needs.

    Multiple Offers

    Because we partner with lenders throughout the country, your application could return several financing offers.

    Expert Guidance

    Your dedicated Business Advisor will review your financing offers with you, so you can make the best decision for your company.

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Small Business Resources in Ohio

In addition to finding the right financing for your business, sometimes it helps to get the advice of a mentor or gain additional training to strengthen your skills as a business owner. Here are a few helpful resources you can turn to for assistance with your Ohio small business.

Ohio Small Business Development Centers

Whether you’re a new or veteran business owner, benefit from workshops and training programs, personalized business counseling and assistance with the following:

  • Exporting 
  • Inventory control
  • Market research
  • Marketing strategy
  • Cash-flow analysis
  • Financial projections development
  • Strategic business planning
  • Business assessment evaluation

Small Business Development Centers are sponsored in part by the SBA.

Ohio Minority Business Loan Direct Program

This program is offered through the state’s Development Services Agency. Loans are offered with fixed, low-interest rates for minority-owned businesses whose use of the funds will ultimately create more jobs in the state. These minority business loans in Ohio are typically available up to $45,000 and can cover up to 75% of project costs.

SCORE

This nationwide nonprofit organization is dedicated to offering assistance to small business owners. Take advantage of free 1-on-1 business consulting, workshops and networking opportunities. Numerous online resources are also available, including webinars, document templates, COVID advice for small businesses and helpful business articles.

Branches are available in the following areas:

  • Akron
  • Canton
  • Cleveland
  • Columbus
  • Dayton
  • East Central Ohio
  • Greater Cincinnati
  • North Central Ohio
  • Northwest Ohio
  • Youngstown

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