Small business loans in Ohio can help local entrepreneurs get the capital they need to purchase equipment, inventory, commercial real estate and more.
| Lender | Best for… | Max. loan amount | Term length | Min. interest rate | Time in business |
|---|---|---|---|---|---|
 | Startups | $400,000 | 24 months with possible renewal | Not disclosed | Not required |
 | Microloans | $45,000 | 60 to 84 months | 0.00% | 12 months |
| Women entrepreneurs | $500,000 | 120 to 180 months | 1.50% | 24 months |
 | Minority entrepreneurs | $500,000 | Up to 180 months | Varies by program | Not specified |
 | Working capital | Not disclosed | Up to 120 months | Not disclosed | Not disclosed |
 | Interest-free loans | $10,000 | 36 months | 0.00% | Not required |
 | SBA loans | $5,000,000 | Not disclosed | Not disclosed | 24 months (recommended) |
 | Variety of business lending products | $500,000 | 12 to 84 months | Not disclosed | 36 months |
 | Nationwide banking | $200,000 | Starting at 24 months | Not disclosed | Not disclosed |
If you’re looking for a small business loan in Ohio, here are some options to consider:
| Loan amounts | Up to $400,000 |
| Starting interest rate | Not disclosed |
| Term length | 24 months with possible renewal |
| Minimum credit score | Not specified |
| Minimum time in business | Not required |
| Pros | Cons |
|---|---|
Focused on helping new businesses succeed Up to a 3% interest rate reduction Renewable repayment terms | Only available to businesses with fewer than 150 employees Must have headquarters in Ohio |
Sponsored by the Ohio Treasury, GrowNOW partners with financial institutions to offer low-cost startup business loans to companies with fewer than 150 employees. To qualify, your business must operate in Ohio with a majority of your employees being Ohio residents.These small business loans can be used for most business expenses but the company must commit to create and retain at least one full-time or two part-time jobs for every $50,000 in GrowNOW funds they receive.
| Loan amounts | $10,000 to $45,000 |
| Starting interest rate | 0.00% |
| Term length | 60 to 84 months |
| Minimum credit score | Not specified |
| Minimum time in business | 12 months |
| Pros | Cons |
|---|---|
Interest-free microloans for minority and women entrepreneurs Short time-in-business requirement | Principal place of business must be based in Ohio A 10% interest rate applies for loans that go into default Blanket lien and/or personal guarantee might be required |
| Loan amounts | $45,000 to $500,000 |
| Starting interest rate | 1.50% if certified as a Women-Owned Business Enterprise in Ohio, otherwise up to 3% |
| Term length | 120 to 180 months |
| Minimum credit score | Not specified |
| Minimum time in business | 24 months |
| Pros | Cons |
|---|---|
Funds specifically for women-owned businesses Competitive interest rates Flexible repayment terms | Interest rate increases to 8% if in default Collateral and a personal guarantee required Must pay an application and commitment fee |
The Women’s Business Enterprise (WBE) Loan Program offers loans to established women-owned businesses. Funds can be used for equipment, commercial real estate, property renovations or refinancing business debt.While the WBE Loan Program offers rates at or below the market rate, there is a $300 application fee and a commitment fee of 1.50% of the total amount of your loan. To qualify, your business must be in operation for at least two years.
Depending on your company’s industry and location, you might qualify for one of the following local Ohio business loans.
| Loan amounts | $25,000 to $500,000 |
| Starting interest rate | Varies by program |
| Term length | Up to 180 months |
| Minimum credit score | Not specified |
| Minimum time in business | Not specified |
| Pros | Cons |
|---|---|
Loans designed for minority entrepreneurs Competitive interest rates Available to both for profit and nonprofit businesses | Extra fees can make the loan more costly than anticipated Business must be based in Franklin County, Ohio Personal guarantee and collateral is required |
Columbus-Franklin County Finance Authority is a local funding option for minority-owned businesses, although any business with fewer than 100 employees can apply. To qualify, your business must be located in Franklin County, Ohio, and serve low-to-moderate income neighborhoods. Loan funds can be used for equipment and machinery or land and building purchases and renovations.While interest rates are advertised as “below prime,” watch out for additional fees, such as a non-refundable $250 application fee, a commitment fee of $500 and an origination fee of $750.
| Loan amounts | Not disclosed |
| Starting interest rate | Not disclosed |
| Term length | Up to 120 months |
| Minimum credit score | Not disclosed |
| Minimum time in business | Not disclosed |
| Pros | Cons |
|---|---|
Funds can be used for training, payroll, marketing, inventory and more A one-stop shop with multiple business products A team of Business Banking Relationship Managers (BBRMs) will help you with our funding needs | Lack of information regarding loan amounts, rates and fees Must be a member to get lower rates on loans Limited physical branches |
Telhio Credit Union offers working capital loans for businesses in the Cincinnati and Columbus metro areas. You can also explore Telhio’s full range of business products, such as business bank accounts, savings and investment accounts, business credit cards, commercial real estate loans, equipment financing and SBA loans.Since the information on Telhio’s website is limited, interested borrowers should contact Telhio directly for more details or apply online. And with most credit union business loans, you’ll likely need to be a member to be eligible for small business financing.
| Loan amounts | Up to $10,000 |
| Starting interest rate | 0.00% |
| Term length | 36 months |
| Minimum credit score | Not required |
| Minimum time in business | Not required |
| Pros | Cons |
|---|---|
Interest-free microloans with no fees Priority is given to minority and women entrepreneurs Free marketing to help draw in more investors | Low loan amounts compared to other small business products Business owners can’t be in foreclosure or have an active bankruptcy Must be comfortable building an online social presence and network |
Local Initiatives Support Corporation (LISC) Greater Cincinnati partnered with the online lending platform Kiva to offer interest-free business loans up to $10,000 to businesses within the Greater Cincinnati area.Kiva loans differ from traditional business financing by focusing on a borrower’s network and viable business ideas instead of scrutinizing credit scores, revenue and collateral. Lenders from across the globe can contribute funds to specific projects, with business owners repaying the debt without any additional fees. Preference is given to minority- and women-owned businesses.
If you want a lender with a national presence, these lenders offer various small business financing solutions for Ohio-based companies.
| Loan amounts | Up to $5,000,000 |
| Starting interest rate | Not disclosed (subject to SBA maximums) |
| Term length | Not disclosed (subject to SBA maximums) |
| Minimum credit score | 680 (recommended) |
| Minimum time in business | 24 months (recommended) |
| Pros | Cons |
|---|---|
Longer terms can help increase cash flow Dedicated team of SBA specialists Offers multiple small business financing solutions | Must operate a for-profit business in the U.S. Need to have reasonable owner equity to invest Doesn’t list specifics on rates, terms or eligibility criteria |
Huntington Bank is a leading SBA lender focused on helping small businesses access the capital they need to start and grow their companies. With Huntington’s SBA loan program, you can enjoy longer terms, no balloon payments and down payments as low as 10%. Options include the SBA 7(a) Loan, SBA Express Loan and 504 Loan.Although Huntington doesn’t publish its SBA loan rates, terms, fees or eligibility criteria in advance, some of these factors are subject to SBA maximums. In addition to SBA loans, Huntington also offers a business line of credit, business term loans and real estate loans.
| Loan amounts | $10,000 to $500,000 |
| Starting interest rate | Not disclosed |
| Term length | 12 to 84 months |
| Minimum credit score | Not disclosed |
| Minimum time in business | 36 months |
| Pros | Cons |
|---|---|
Wide selection of business financing solutions Offers 100% equipment financing Secured and unsecured term loans available | SBA lending products not available in all U.S. states Lack of transparency about rates and fees Doesn’t list eligibility criteria for conventional loans |
With over 900 branches in the U.S. and a strong presence throughout Ohio, KeyBank is ready to help you meet your short- and long-term business goals. With competitive rates and flexible terms, you have multiple business solutions at your fingertips: term loans, business lines of credit, commercial real estate loans, equipment financing, SBA 7(a) loans and SBA 504 loans.KeyBank’s business term loans can be unsecured or secured with adjustable or fixed rates and used for anything from purchasing property to debt consolidation. You will have to fill out a loan application to see a range of rates, terms and fees.
| Loan amounts | Up to $200,000 |
| Starting interest rate | Not disclosed |
| Term length | Starting at 24 months |
| Minimum credit score | Not disclosed |
| Minimum time in business | Not disclosed |
| Pros | Cons |
|---|---|
A strong, nationwide presence Offers 125% financing for equipment Smaller loan applications can be completed online | Doesn’t disclose rates, terms and fees in advance As a traditional bank, you’ll likely need a good to excellent credit score Some loans require collateral |
If you’re looking for a reputable brick-and-mortar bank with a robust nationwide presence, U.S. Bank could be a good fit for you. Lending options include unsecured term loans, secured business loans, lines of credit, equipment financing, commercial real estate loans, SBA 7(a) loans and SBA 504 loans. Additionally, you can finance equipment purchases for up to 125% of the overall costs, using the excess funds to cover other expenses, such as installation and shipping.While U.S. Bank doesn’t list general eligibility requirements in advance, keep in mind that traditional banks typically impose stricter requirements than alternative lenders.
The 989,000-plus small businesses in Ohio help fuel the state’s economy. But operating a business in the state comes with its own challenges, not to mention the bureaucratic headaches of registering with the Ohio Secretary of State and Ohio Department of Taxation.
Small business loans in Ohio are available from state and local government agencies, and can help you to start or expand your business in the Buckeye State. We’ll walk you through the Ohio small business loan options to choose from.
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While newer businesses may not have the revenue to apply with a more traditional lender, that doesn’t necessarily mean you cannot find funding elsewhere. One example that may be an option is an equipment financing loan. These loans look at the value of the equipment and use that as collateral, rather than focusing on the amount of money the business is making.
While many traditional lenders require you to be in business for a year or two to receive funding, entrepreneurs starting a business in Ohio have several options. Microloans are geared toward start-ups, offering up to $50,000 without strict annual revenue requirements. Additionally, many online lenders have lower credit score and revenue requirements for their startup business loans. You can also research startup grants for small businesses in Ohio to see if any fit your criteria.
Yes, there are bad credit loans in Ohio. Some lenders look at other factors besides your credit score when considering you for a loan. If you can offer collateral for the loan, lenders may be willing to look past a lower credit score.
